Question
UK Law Equity and trust Burak and his wife, Gizem , have life interests in a family trust, which was established by Gizem's father. The
UK Law Equity and trust
Burak and his wife, Gizem, have life interests in a family trust, which was established by Gizem's father. The remainder is shared equally between their children, on condition that they remain fans of the English Liverpool Football Club.
They live in Liverpool. Burak and Gizem are tired of urban city life and the high rates of tax that they have to pay in Liverpool. They want to move to Gibraltar and relocate the trust there. Burak and Gizem believe that they will pay less tax in Gibraltar, but they have not researched the matter yet. They have three children, but two of them have expressed no interest in Liverpool Football Club, so they want to delete the condition in the trust requiring their children to be and remain fans of the club. Instead, they want to insert a condition that the children do not become entitled until they get married.
Yuce, the eldest child, is 20 and opposes the proposed variations of trust, as he wants to remain in Liverpool.
Gurol, is 16 and a Liverpool Football Fan, so he opposes the variation that would remove the club fan condition in the trust.
Buse, the youngest child is 14 and she is happy to agree to whatever her parents want.
Advise Burak and Gizem on whether the court will give permission for their proposed variations.
What variations are proposed? Will court give permission to these proposed variations? Who will be entitled to the trust eventually?
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