$2.$ Samuel made a settlement in $2005$ which appointed your bank as its sole trustee. It is now worth $$800,000$ 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 $25.$

The other half was to be held for another grandson, Richard. Samuel was concerned that Richard$$s father, who had been made bankrupt some years before, might try to get his hands on Richard$$s money. As a result, the settlement directed the trustee to accumulate the income of Richard$$s share until he was $45,$ and only then to release all capital to Richard if he should be living.

James is now $13$ and receiving private education. Richard is a qualified accountant, aged $29.$

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$$ main interest is in aircraft and flying. When he leaves school, his parents suggest that he be trained as a pilot and ask for your confirmation that the trustee will make $$80,000$ available for this purpose.

$($e$)$ Richard asks for an advance of $$100,000$ to allow him to buy into an existing partnership.