I have been requested by a client to consider the inclusion of specific wording within a Trust, and would appreciate any commentary with regards to the adequacy of the wording satisfying the “Certainty of Objects.”
1.6 “Beneficiaries” means
(a) all and any of the persons specified in the Third Schedule hereto.
(b) any Person or class of Persons nominated to the Trustees by:
(i) The Settlor or Additional Settlor, or
(ii) Two Beneficiaries (after the death of the Settlor)
and whose nomination is accepted in writing by the Trustees.
( c ) Such other objects or persons as are added under Clause 2.
2.1 The Trustees may at any time during the Trust Period, add to the Beneficiaries such objects or persons or classes of objects or persons as the Trustees shall determine.
2.2 Any such addition shall be made by deed:
(a) naming or describing the objects or persons or classes of objects or persons to be added; and
(b) specifying the date or event, not being earlier than the date of execution of the deed but before the end of the Trust Period, on happening of which the addition shall take effect.
© This power shall not be exercised so as to add an Excluded Person to the Beneficiaries.
ULTIMATE DEFAULT TRUSTS
Subject as above and if and so far as not wholly disposed of for any reason whatever by the above provisions, the capital and income of the Trust Fund shall be held to defray the costs for the education, upbringing, training and assistance, as well as the general maintenance or other similar aims of one or more members of one or several families, of any settlor. In addition the Trust may benefit other natural or juridical persons, institutions and charities for and of children with mental and physical disabilities residing in the British Isles registered with Charity Commission for England and Wales, and make all necessary provisions for the orderly succession to its assets.
THE THIRD SCHEDULE
The Trusts aim is to defray the costs for the education, upbringing, training and assistance, as well as the general maintenance of one or more members of one or several families, yet to be determined, as directed by any settlor to the trust. In addition the Trust may, at the Trustees discretion, benefit other natural or juridical persons or institutions of any nature and make all necessary provisions for the orderly succession to its assets as described in article 8 of the Deed.