Re Story

The case of Re Story involved the interpretation of the will of Charles Gordon Dalton Story, who passed away on 7 March 2000. The dispute arose over the specific bequests made in his will, particularly concerning certain assets that were subject to change or redemption prior to his death. The matter was brought before the court for clarification on the status of these assets and their rightful beneficiaries.

The primary legal issues that the court had to address were whether certain bequests in the will were still valid or had been effectively adeemed by the testator’s actions prior to his death. Specifically, the court needed to determine the status of an annuity plan, a guaranteed insurance bond policy, and shares in Colonial Mutual Limited that were replaced by shares in the Commonwealth Bank following the acquisition of Colonial Mutual Limited. The court had to consider the legal principles governing adeemed bequests and whether the changes in the assets rendered the original bequests null and void.

In its reasoning, the court examined the circumstances surrounding each of the assets in question. For the annuity plan, the court found that it was adeemed when the testator redeemed it, thus the proceeds became part of the residuary estate. Similarly, the guaranteed insurance bond policy was also adeemed upon redemption. Regarding the shares, the court concluded that the shares in Colonial Mutual Limited, which were replaced by shares in the Commonwealth Bank, were not part of the specific bequest, and thus formed part of the residuary estate. The court's decision was based on the understanding that changes in the assets before the testator's death effectively nullified the original bequests.

The court ordered that the costs of the application be assessed on an indemnity basis and paid out of the estate of Charles Gordon Dalton Story deceased. This decision provided clarity on the distribution of the testator’s estate, ensuring that the assets were allocated according to the intentions as clarified by the court’s findings.