How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask seanferguson13 Your Own Question
seanferguson13
seanferguson13, Solicitor
Category: Law
Satisfied Customers: 31
Experience:  3 year qualified solicitor with expertise in UK taxation.
77909803
Type Your Law Question Here...
seanferguson13 is online now

Can a discretionary trust held with barclays be chanaged by

Resolved Question:

Can a discretionary trust held with barclays be chanaged by a beneficiary. I am the beneficiary and there is only one other who is a charity,who is only allowed £500 in any one year. The lady who was my friend died in 2011
The letter of wishes said that any remaining moneys after the £500 is paid should me for myself.
Submitted: 3 years ago.
Category: Law
Expert:  seanferguson13 replied 3 years ago.
seanferguson13 : Hi there
seanferguson13 : Trustees must exercise discretion and need not follow a letter of wishes which is not binding on the trustees. However, trustees do have a fiduciary duty towards beneficiaries so they should consider all the beneficiaries. A beneficiary of a trust cannot amend or vary the trust and would have to seek a remedy through the courts if he or she thinks the trustee is in breach of their duties. I would suggest talking to the trustees as a first step.
seanferguson13 : Hope this helps
seanferguson13 and other Law Specialists are ready to help you