HI there, I am not a solicitor and instead work in financial services with a focus on estate planning. It is however some time since I have done my STEP qualification and I have a simple question that I think I know the answer to but would appreciate clarification for those who are involved in this type of stuff on a daily basis.
Once a beneficiary of a bare trust reaches 18 clearly the trustees have a duty to advise the beneficiary of the trust’s existence and if the beneficiary wants assets paid to them they have a duty to distribute the assets. However what if the beneficiary is still happy for the trustees to manage and maintain legal title? I presume it is possible for the trust to continue in its current guise rather than the trustees have to pay everything out to the beneficiary even if they do not want (or need) it?