Question 2 - 50% (1000 words) In 1999, sisters Susannah Fisher and Julia Beck inherited a holiday house, as joint tenants, at Callala Beach on the New South Wales south coast. Julia lived in Queensland and rarely visited the house. In contrast, Susannah stayed at the house every summer with her children, Conrad and Jeremiah, along with her best friend, Laurel, and Laurel's children, Stephen and Belly. Sadly, in 2022, Susannah passed away. She left substantial property to be held on trust for her sons, Conrad, aged 19, and Jeremiah, aged 17. The trustee was Susannah's husband, Adam, a businessman. The trust property was a large, diversified share portfolio worth $3 million. The trust instrument included the following terms: Clause 17: The Trustee may, at his absolute discretion, apply the capital and/or income of the trust towards the maintenance, benefit, advancement, or education of the beneficiaries, in such proportions or manner as the Trustee in his discretion may see fit. Clause 18: The Trustee shall have the power to apply and invest all moneys forming part of the Trust Fund at any time in any such investments, including stock, bonds, property (excluding real estate), whether involving liabilities or not or upon personal credit with or without security and upon such terms and conditions as the Trustee shall in its absolute discretion think fit. Clause 19: At the Vesting Date of 1 January 2032, the whole capital and income of the trust will be held for the benefit of Conrad Fisher and Jeremiah Fisher in equal shares. On Susannah's death, Julia became the sole owner of the holiday house by survivorship and decided to sell. She anticipated she would get $800,000 for the house, as Callala Beach has had strong capital growth in recent years, and is a popular tourist destination, ensuring high short-term rental returns. Conrad and Jeremiah were devastated. They asked their father to use some of the trust assets to purchase the holiday house so that they can continue to spend every summer at the house as a family. The boys explained at length how much the house meant to them. Despite this, Adam refused, insisting that the trust money was for their education alone. Laurel was furious when she heard that Adam would not use trust funds to purchase the house. She phoned Adam and said, "You're an idiot, Adam. Susannah would have wanted you to do this for the boys. She loved that place more than anywhere, and so do the boys. She is not here to tell you what to do, but I am. Buy the damn house for them!" Adam told Laurel to mind her own business 5 Adam has claimed $100,000 reimbursement from the trust for expenses he has incurred in management fees' charged by Mitch Black. Mitch is a lawyer, an old friend of Adam's, and he invests his own money in the stock market. Adam asked Mitch to manage the trust share portfolio. The fund has performed moderately well under Mitch's control. Required Conrad has engaged your law firm to provide him and his brother, Jeremiah, advice about the purchase of the holiday house, and his father's claim to the $100,000 reimbursement. Advise