- Trusts—use of section 32 of the Trustee Act 1925 (Womble Bond Dickinson Trust Company v Glenn)
- What are the practical implications of this case?
- What was the background?
- What did the court decide?
- Case details
Private Client analysis: This is the first time the court has considered the question of whether the power of advancement under section 32 of the Trustee Act 1925 (TA 1925) can be used to benefit the initial absolute beneficiaries onto whose interests trusts are engrafted (Hancock v Watson). The issues concerned whether the trusts in question were in Hancock v Watson form, and whether the consent of the beneficiaries who took under the engrafted trusts was required. The trustees wished to benefit the present beneficiaries of a number of sub-funds by advancing the capital to them which would prejudice the interests of unborn beneficiaries who opposed the application. The court held that the trustees could exercise the power without obtaining the consent (which of course could not have been achieved) of the unborn beneficiaries. Written by Penelope Reed QC, barrister at 5 Stone Buildings.
Sign in or take a trial to read the full analysis.
To continue reading this news article, as well as thousands of others like it, sign in to LexisPSL or register for a free trial