Lessons for blessings: analysis of Folds Farm Trustees LTD & Others (2024)—ThoughtLeaders4
Senior associate Andrew Morgan has co-authored an article analysing the recent case of Folds Farm Ltd v Cutts and others in which Russell-Cooke co-represented the beneficiary (D1).
The case involved the trustees of a family trust deciding to sell Folds Farm to a beneficiary, D1, at a price below market value with an added overage provision to keep it in the family, despite opposition from D1's siblings; the trustees sought court approval to confirm their decision under the Public Trustee v Cooper guidelines. The article outlines the legal principles applied in the judgment that approved the decision regarding the sale of Folds Farm. They also outline important lessons that can be learned from the case.
Trustees are not obliged to treat discretionary beneficiaries equally. The very reason for establishing a discretionary trust may be that the settlor anticipates that some discretionary beneficiaries may be treated more favourably than others.
Andrew Morgan is in the trust, will and estate disputes team, specialising in dealing with succession, probate and trust disputes.
The full article is available online from Thought Leaders 4.
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