In 2015, to plan for the future, Sophia set up a trust, of which she is the sole beneficiary. The assets under her trust are held by her asset manager Kevin, as trustee.
Unbeknown to Sophia, last week Kevin removed £25,000 of trust monies and placed it into his ABC Bank current account which, at the time, also contained £25,000 of Kevin’s own money. The next day, Kevin withdrew £30,000 from his ABC current account and donated it to a local charity, City Homeless Shelter. The charity has already spent the money on replacing all of the windows in their premises.
Advise Sophia on the following matters:
a) Whether the purported trusts at point 1 and 2 above are valid, enforceable and fully constituted.
b) What steps Sophia can take in response to the misappropriation of the monies from the Foundations Trust.
