Thanks. One of the reasons you cant understand it is that it is indeed odd.
There appears to be a hidden agenda or agendas.
It appears that yr father didn’t think you could manage money. Is that the case?
Look at it a bit at a time.
2 Appoints James and Sols as Execs.
3.1 Gives James £120k which
3.2 he is to spend within 2 years on something in accordance with another document (letter of wishes) .
It is done that way so that no-one knows how he has told James how to spend it. He cannot force James to spend it that way but James does know what his father wanted to happen with that £120k. A “secret” purpose in effect.
We have no way of knowing what that letter of wishes is or if he spent the money in accordance with that letter.
You might know.
The foregoing is most odd.
If he doesn’t spend it on that secret letter of wishes purpose it goes into residue, 3.3 and is dealt with in accordance with residueclauses, 4a and 4b.
Residue (everything else) is split 60 James and 40 Caroline.
James gets his dosh now.
You get a life income from yours BUT the trustees have the power to let you have it all incuding capital , at their discretion 4ib , “to the extent of exhausting it”. BUT it is up to the trustees. So you get the income under the trust but only get capital if trustees agree.
There are provisions what happens if either of you die but as you haven’t, ignore that. Ignore everything from 5 onwards. That is legal waffle.
So, what to do.
Under the rule in Saunders v Vautier (Google it for lots of reading) if all trustees are mentally capable and over 18 the trust can be brought to an end. There is only one trust created with one beneficiary (you) because James’ money isn’t on trust.
There is another hidden issue is that the solicitors will be charging 3180 per hour plus vat for administering yr income! That soon adds up. Clause 5x (last clause on last page before signatures)
I would get a solicitor who specialises in probate matters to write to the trustees saying that under the rule in Saunders v Vautier you wish to bring the trust created in the will to an end and receive capital
Does that answer the question?
Can I help further?
Please don't forget to positively rate my answer service (even if it was not what you want to hear).
If you don't rate it positively, then the site keep your deposit and I get 0 for my time. It is imperative that you give my answer a positive rating. I
t doesn’t give me, “a pat on the head”, “good boy” (like ebay), it is my livelihood!
If in ratings you feel that you expected more or it only helped a little, please ask.
I am offline shortly until later today and will pick this up then