ABSTRACT
The settlor has a choice of creating either a ‘fixed’ or ‘discretionary’ trust. If he can foresee with relative precision the circumstances governing the object of his bounty, he may decide to create a fixed trust, for example, the settlor may wish his wife to enjoy a life interest in his estate and both of his children to take an equal share in remainder. On the creation of such trust the beneficiaries acquire a quantified or quantifiable interest in the trust property. Even though the beneficiaries’ circumstances may subsequently change the interests of the beneficiaries will remain the same as on the date of the creation of the trust. Thus, if one of his children becomes a millionaire and the other suffers a severe disability and is in need of greater financial resources from the trust than his half share in the capital, the trustees, without more, are not entitled to provide additional assistance from the trust.
