That actually is not
what clause 4.8 says. You must read it literally. It in poses no obligations on
the trustees and merely expresses a wish. The wish is not binding on the
trustees and they are free to do what they like.
BUT, regardless of
what the trustees want, provided all the beneficiaries are over 18 and they
agree what is to happen, ( that the trust comes to an end and you get
everything), then you get the whole proceeds of the estate, (which will give
the benefit of spouse exemption), all the beneficiaries need to execute the
deed of variation (that is the two-year time limit) whereby bequests to them
under the discretionary trust are varied so that they go to you. The deeds of
variation affects of the original will as though it were written in completely
This is the rule
in an old case called Saunders v Vautier. If however one beneficiary does not
agree that puts an end to any variation.
There is no
standard form. It is a case of drafting each deed individually and advising
each beneficiary who is asked to sign one, to take independent legal advice on
it. It is not really a do it yourself job.
Can I help
further? Please bear with today because I will be off-line.
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The thread remains open. Thanks