Whilst it is possible for trustees to effectively defer vesting by an appointment under s.32 Trustee Act 1925 (Re Pauling’s Settlement), there has to be a good cause to do so (as the judge reminded the parties in Wright v. Gater, 2011).
When considering the s.32 power to extent the trust period, and thereby depriving the beneficiaries of the entitlement for an extended period, I am of the view that trustees should only do so where the proposal is supported by an opinion of Chancery counsel.
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals