ABSTRACT
In 1997, Agnes set up a discretionary trust using shares in her own company worth £300,000. The four beneficiaries of the trust are her two nieces, Brenda and Clare, and her two children, Debby and Enid. Brenda is aged 26 and is earning over £40,000 a year. Clare is aged 24 and is unemployed. Debby is aged 20 and earns £10,000 a year. Enid is aged 14, with no income, and is still at school.
