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Regarding payment to beneficiaries: Does a trustee [son of settlors] on the death of the second [parent] settlor of a flexible trust, have 'absolute discretion' in choosing the immediate named beneficiaries [3 children, including himself as a single surviving trustee] rather than all potential beneficiaries [so excluding the (now) adult grandchildren of settlors], or has he, by a conflict of interest, etc, breached his fiduciary duties to the grandchildren and so is legally liable? ie. does the trustee need to 'repay' what he owes the grandchildren.
Yes, please continue to provide me with a legal answer, as the settlor's grandchildren need to know if and what they can do to pursue their trust shares from their uncle - the trustee in question.
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Can you please tell me how many Professionals you have available who are experts in Trust Law to answer my question.
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Thank you Mr Buachaill, the 2nd part of your answer is indeed encouraging for the grandchildren. In this case, there was no 'letter of intent/wishes' with the trust [appreciate this is not binding on the uncle trustee], but the settlor's Will directed distribution of all assets to children and grandchildren in 2/8th and 1/8th shares, respectively. Can this also be used as the guide to distribution for grandchildren in the trust of the uncle's set aside trust property, or are other principles involved for this. At this point are the grandchildren still uncertain of receiving anything if we go to the 1st part of your answer. In any case, how would you advise the grandchildren to proceed now if you were representing their interests? Thank you.
Thank you, ***** ***** is the procedure to 'set aside' the trustee's assets and who can initiate this. To appoint new trustees may become a problem if the Life company has essentially 'closed' the trust when it paid out to the uncle/trustee, who then distributed the funds equally to himself and cheques to his two siblings. Is there a general procedure to appoint new trustees in such a case?