- 4 Marks
BL – May 2013 – L1 – SB – Q6B – Law of Trusts
Explain the duties of trustees regarding the disbursement of trust funds to beneficiaries.
Question
Biodun and Johanna are twins of twenty-one years of age. By the Will of their deceased father that came into effect ten years ago, the trustees were directed to invest a sum of N5 million and apply the income to the education of Biodun and Johanna. These beneficiaries have directed that the trustees pay the N5 million over to them.
You are required to:
Explain the duty of the trustees in relation to the directive of Biodun and Johanna.
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