Gerry Rivers, before he died in 2008, created a trust in his will for his twin children Callie and Gordon. The children were still very young when their father died. The trust was created to provide money for the children to attend University. Wanda and Judy, Gerry's sisters were appointed as trustees, but have since the trust was created have been keeping the fund in a current bank account which has garnered no interest, and in fact has been paying monthly fees. In addition, they have been using some of the fund to support their gel nail business. Of the original 1,000,000 pounds, there is only 45,000 remaining.

Callie and Gordon have now both finished secondary school. Neither of the children are interested in attending University as during their free time they have developed a wildly successful online fitness and dance business.

Callie and Gordon have found out about the trust and would like to use the money to develop their online business. Advise them of their legal rights in relation to the trust including whether Wanda and Judy have breached any duties as trustees, and what the potential remedies might be. Also advise them whether they can alter the trust to use the fund for their business rather than for attending University.

(100 marks)