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2 . Samuel made a settlement in 2 0 0 5 which appointed your bank as its sole trustee. It is now worth $ 8
Samuel made a settlement in which appointed your bank as its sole trustee. It is now worth $ in quoted securities
One half of the trust fund was to be held for his grandson James, absolutely if and when he should attain the age of
The other half was to be held for another grandson, Richard. Samuel was concerned that Richards father, who had been made bankrupt some years before, might try to get his hands on Richards money. As a result, the settlement directed the trustee to accumulate the income of Richards share until he was and only then to release all capital to Richard if he should be living.
James is now and receiving private education. Richard is a qualified accountant, aged
How would you respond to the following enquiries?
a James parents ask whether the trustees could pay his school fees from the income arising on his share.
b They ask how surplus income is currently dealt with.
c They ask how income will be dealt with after James leaves school.
d James main interest is in aircraft and flying. When he leaves school, his parents suggest that he be trained as a pilot and ask for your confirmation that the trustee will make $ available for this purpose.
e Richard asks for an advance of $ to allow him to buy into an existing partnership.
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