Q&As

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?

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Published on LexisPSL on 09/10/2019

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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?

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). In this case such ‘longstop’ beneficiary or beneficiaries may be the

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