A trust deed contains the following provision:
‘I give £300,000 to my trustees to hold on trust for such of my children who before the age of 25 years successfully obtains an undergraduate 1st class degree …’
There are two children: a son aged 24 years who graduated two years ago with a 1st class degree, and a daughter aged 17 years who has decided not to go to university. The children have agreed between them to split the £300,000 in equal shares.
Which of the following statements provides the best advice to the children in relation to bring the trust to an end?

Question

A trust deed contains the following provision: 
 ‘I give £300,000 to my trustees to hold on trust for such of my children who before the age of 25 years successfully obtains an undergraduate 1st class degree …’ 
 There are two children: a son aged 24 years who graduated two years ago with a 1st class degree, and a daughter aged 17 years who has decided not to go to university. The children have agreed between them to split the £300,000 in equal shares. 
 Which of the following statements provides the best advice to the children in relation to bring the trust to an end?

Answer

The trust can only be brought to an end once the daughter has reached the age of 18 years and the children’s mother agrees.

Answer

The trust can be brought to an end now, but only if the children’s mother agrees.

Answer

The trust can only be brought to an end if and when the daughter successfully obtains a 1st class degree.

Answer

The trust can be brought to an end once the daughter has reached the age of 18 years, but not before then.

Answer

The trust can be brought to an end now because the children have agreed between them what should happen to the trust property.

Crowdly

A trust deed contains the following provision: ‘I give £300,000 to my trustees...

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