Adancement where no power to pay to parents

I have an estate where the executors are siblings who do not get on terribly well. Under the will of the deceased, part of the Residuary Estate is left to her great grandchildren, the majority of whom are under the age contingency of 21, each child stands to inherit a relatively modest amount. There is no power to pay funds to parents. As a first step, I am looking for a way of appointing new trustees so that the fund for the grandchildren can be held by different trustees. Can anyone suggest a precedent or a way of dealing with this situation. For the moment I am at a bit of a loss.

Justine Alford
Burningham & Brown Solicitors

Is it a class gift to the grandchildren, or individual gifts to each of them?

If a class gift (e.g. to such of my great grandchildren as shall survive me and attain 21), the creation of separate pots for each family grouping may result in heightened tensions as the trustees are likely to need to liaise with regard to the use of the trustees’ annual allowances for income tax and CGT as there will only be one settlement for tax purposes. If there is only the one settlement, specific tax advice should be obtained on the situation before any irreversible action is taken.

Paul Saunders FCIB TEP

Independent Trust Consultant

Providing support and advice to fellow professionals