I give the sum of £150,000 to my brother Magnus York. It is my wish and desire that of that sum of £150,000, Magnus will use the sum of £100,000 as he thinks fit to assist my three nieces, Francesca, Kim and Doris York. Is it more likely to be a fixed trust or discretionary ? Thank you !
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types of an express trusts; watch
- Thread Starter
- 20-02-2018 11:50
- 20-02-2018 13:47
I don't think that is a trust at all.
But if you change the wording slightly, it could be a discretionary trust of £100,000 in favour of the three nieces (with Magnus as trustee).
- 20-02-2018 14:05
Gift of 150k.
Desire to use 100k. No certainty of intent, so no trust.
If there were certainty, that 100k would be a discretionary trust (to T's discretion how he shares the 100k amongst the three nieces).
Not possible for there to be a fixed trust, unless there was a fixed share for each niece (e.g. 1/3 each or 25% to A, 25% to B and 50% to C).