Minor to majority

I deal with a trust set up in 1994 where the default beneficiary is the settlor’s minor unmarried son.

One clause states that ‘during the trust period the trustees shall have power by deeds revocable or irrevocable to appoint the trust fund and the income thereof for such one or more of the possible beneficiaries in such one or more shares and for such interests and subject to such trusts powers and provisions (including protective trusts discretionary trusts or powers operative or exercisable at the discretion of the trustees or any other persons) as the trustees in their absolute discretion think fit’.

The settlor is excluded from benefit but his widow is included as one of the possible beneficiaries.

Elsewhere it provides that: ‘subject to and in default of any appointment made under [the above clause] the trustees shall hold the trust fund and the income thereof absolutely...