Hi All
I have an estate where there are four minors and the Will provides an age contingency for them to inherit at the age of 21.
The parents of the minors have asked whether they can extend the age, to say 25.
I have not come across this before but believe that without the consent of the Court, this is not possible, is this correct?
Any guidance would be appreciated, thank you
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