This seems a simple query, but one which I am struggling to find a definitive answer to. Do the trustees of a discretionary trust have an obligation to inform potential beneficiaries that the trustees have used their discretion to appoint assets to another beneficiary and the trust is being wound up?
Wife and family friend are named as trustees of the discretionary trust left under the late Husband’s will. Wife is named as potential beneficiary along with the adult children of the deceased (from first marriage). The trustees wish to appoint all assets to the wife and for the trust to be collapsed. Do the trustees have an obligation to inform the adult children that the trust is being dealt with in this way?