The following Private Client practice note provides comprehensive and up to date legal information covering:
Where a beneficiary either:
is a minor (ie under the age of 18) and unmarried or
has attained majority or has married under that date but is required by the terms of the relevant trust to reach an age greater than 18 before attaining a vested interest in any part of the trust fund, then
the trustees are under a duty to manage the trust fund as to both income and capital until the beneficiary reaches the vesting age.
A power of advancement may be either statutory, under section 32 of the Trustee Act 1925 (TA 1925) or express through provision in the trust instrument. It is a fiduciary and dispositive power, allowing a trustee to bring forward (advance) a beneficiary's entitlement under the settlement.
TA 1925, s 32 will be implied into every settlement.
The statutory power provided that:
Trustees may at any time or times pay or apply any capital money subject to a trust, for the advancement or benefit, in such manner as they may, in their absolute discretion, think fit, of any person entitled to the capital of the trust property or of any share thereof, whether absolutely or contingently on his attaining any specified age or on the occurrence of any other event, or subject to a gift over on his death under any specified age or on the occurrence
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