I’m dealing with an estate where a Will Writing firm prepared the Will with the following provision:
“…and 50% (The Trust Fund”) on the following discretionary trust:
(i) For not more than eighty years from my death to apply the capital for the benefit of my daughter A and my granddaughter B
(ii) To invest the Trust Funds as if they were beneficially entitled to it
(iii) To apply the income and capital of the Trust fund for the benefit of A and B as my Trustees think fit
(iv) To add any undistributed income to the capital of the Trust Fund.
(v) On the death of A to end the trust by distributing the Trust Fund to my Trustees upon trust to sell the same with the power to postpone sale and to invest the proceeds thereof and to apply the income or proceeds therefrom for the benefit of B on attainting the age of 25
(vi) My Trustees may exercise their discretionary powers when and how they think fit and shall not be under any obligation to make payments to or for the benefit of either A or B nor to ensure equality among those who are benefited
(viii) If either A or B dies before me or whilst this trust is in existence leaving children then those children shall be included among those in whose favour my Trustees exercise their discretion.”
Has anyone come across a will or trust drafted in this way before? It seems to half be a discretionary trust and half a life interest. I may be over thinking it but I do not think it is very clear what the intentions are so I am minded to seek Counsel’s opinion on interpretation.
Oh and to add a complication daughter A (who is not my client) was using the deceased’s card whilst they were still alive taking thousands of pounds from the accounts in a few months.