I believe the power to pay leagcies to parent/guardians applies only to vested legacies, not contingent legacies
In the circumstances, I would be wary of paying the legacies over to the parents or guardians of the intended beneficiaries.
The charities may also be wary of agreeing to assign their entitlement to the beneficiaries. However, if the costs of maintain the trusts until the beneficiaries attain age 25 is explained, it may be commercially viable for them to step aside.
In general, unless the testator stood in loco parentis to any of the beneficiaries, all that they are entitled to upon attaining age 25 is the specified sum. The costs of administering the legacies up until that time fall on the residuary gift. Although residue will be entitled to the income during this period, such income may be unlikely to cover the trustee’s annual costs.
In response to the actual questions posed:
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No, the trustees have a duty to invest, and -
Other than where the testator was in loco parentis to any particular beneficiary, yes, together with any capital appreciation.
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals