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seanferguson13, Solicitor
Category: Law
Satisfied Customers: 31
Experience:  3 year qualified solicitor with expertise in UK taxation.
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Can a discretionary trust held with barclays be chanaged by

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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.
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
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