I have a case where A is an absolute beneficiary of a Trust Fund set up in respect of payments made under the Vaccine Damage Payments Act. The Trust permits the Trustees to:
- use the monies held for the benefit of A as they shall in their absolute discretion think fit.
2.apply capital in recouping to the parents of A such monies that they may have spent for the benefit of A up until the date of the Trust Deed.
The Trust Fund has been in operation for nearly 40 years. A’s care is funded primarily by the state and insofar as A’s needs have not been met by the state, parents have (quite happily) met the cost from their own monies (after the date of the Trust Deed).
The Trust Deed does not name an ultimate beneficiary beyond A’s lifetime. It seems as though the monies within the Trust will be treated as belonging to A and pass under their intestacy (A does not have capacity to make a Will).
Parents of A would not want these monies to pass under the intestacy should, as expected, the parents die before A. They would prefer funds to pass to those extended members of family and friends that have been involved in A’s life.
Do forum members agree that this is effectively a Bare Trust and that the monies will pass under A’s intestacy?
Assuming yes, do forum members know of any way of dealing with this other than submitting an application for a Statutory Will on behalf of A?
Brewer Harding & Rowe