Marlene Leaves a Substantial Sum in Her Will to Be

question 4

Multiple Choice

Marlene leaves a substantial sum in her will to be held on trust to pay for her grandchildren's education, and to be divided equally between them when the youngest grandchild attains the age of 25. At her death she has four grandchildren. Maxine, the eldest, is 25 already. Minnie, the youngest, is 4.
Maxine has completed her studies, but would like money as a deposit to purchase her own house.
Which of the following statements is the most accurate?

• A) Because Maxine is already 25, she is entitled as of right to an immediate quarter share of the fund.
• B) Maxine will have to wait until Minnie is 25 before she is entitled to any capital.
• C) The trustees have a discretion to pay Maxine whatever part of the trust fund they choose.
• D) The trustees have a discretion to pay Maxine up to one quarter of the trust fund.

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