A Settlement made in 1941 defined the Specified Period as being the earlier of 2035; or 20 years after death of survivor of issue born before 1941 of settlor’s paternal grandfather. The Settlement was varied by Court Order in 1971 and defined Primary Beneficiaries as “the issue (whether children or more remote) for the time being living of Mr C”.
What does ‘for the time being living’ actually mean - does this mean during the Specified Period or does it mean those issue alive at the date of the Court Order? If the latter, this would close the class of beneficiaries, so I assume because the trust accounts show income being paid to many beneficiaries, who weren’t alive in 1971, that it means the Specified Period and so the class of beneficiaries is still open?
That being the case, is the only way to wind the trust up now (rather than waiting for a further 10 years) to apply for a Court Order? Or could the existing issue (if all adults) agree to terminate the trust early subject to providing indemnities?