disclosure to discretionary beneficiaries

I would be grateful for any comments

Will creates a flexible life interest of residuary estate for widow with powers to advance capital to the widow and remoter family at any time

– administration is still ongoing but draft interim estate accounts have been prepared

– decision yet to be made as to whether the trust asset will be a property (in specie) or its net sale proceeds

  • remoter family told that a payment may be made to them once the trust is formed
  • remoter family asking to see estate accounts and rental accounts for the property
  • remoter family have been told that the estate is still ongoing but have asked to see the estate accounts and rental accounts regardless

My thinking is that as the trust has not yet been formed – there are no trust documents as such except the will , probate and possibly the letter of wishes

Looking at Londonderry (1964) and Schmidt (2003), I do not see that that the estate accounts or rental accounts have to be disclosed even if requested at this stage for any reason as the trust assets have
not yet been ascertained

Does anyone disagree?

Michael Micklethwait
Dunn & Baker