Q&As

Intra-Group Asset Transfer & Distribution under Companies Act 2006

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Published by a LexisNexis Private Client expert
Published on: 24 March 2025

Who is entitled to the trust assets where all the potential beneficiaries of a discretionary trust (created via a Will) have died and there is no power in the trust deed to nominate additional beneficiaries?

In a discretionary trust, it would be unusual for there to be no ultimate default beneficiary. The default beneficiary may only become entitled at the end of the trust period, rather than immediately on the death of the last surviving discretionary beneficiary, but the trustees could exercise their power of advancement in accordance with section 32 of the Trustee Act 1925 (as amended, if at all, by the terms of the trust deed).

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United Kingdom
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