We have a Flexible trust set up on 1999.
Schedule A states the beneficiaries as “children and grandchildren”. The trust fund is for the benefit of those identified and trustees have complete control over choice of beneficiary.
Schedule B names four initial beneficiaries, each with a 25% share. This creates an IIP in favour of the initial beneficiaries. The trustees have the power to deprive these people of benefit in favour of those identifies in Schedule A.
The issue is one of the beneficiaries pre-deceased the settlor. Leaving no issue.
How should the trustees distribute?