Recently, George and Roger asked Ernest for an advance payment of £10,000 each from trust funds to get them through the winter following the failure of their bouncy castle business after their sole, uninsured bouncy castle exploded when they hired it out to a party of drunken Morris dancers. Ernest refused, sending each of them a letter saying “You shouldn’t have wasted your money on such a silly business. If cold weather is good enough for sheep, then it’s good enough for you!”
Having watched a late-night discussion programme featuring well-known legal pundit Catherine Hughes, the triplets seek your advice concerning breach of trust. Advise them if (and if so, why) this may be possible in relation to the following:
a. Ernest’s investment strategy;
b. The information he provides to the triplets;
c. His refusal of the advance payments; and
d. Any other grounds on which such an action could be brought.
e. Additionally, advise Sean, George, and Roger whether (and if so, how) they can bring the trust to an end early.