Dora died earlier this year, leaving a valid will appointing her husband Edwin and her friend Fiona as her trustees and giving all her estate to them to be held on trust ‘for Edwin during his lifetime and then for such of my children Alice, Boris and Cassandra who reach 21 and if more than one in equal shares’. The will contained no other provisions. Alice, Boris and Cassandra are Dora’s children by an earlier marriage. Alice is now 23, Boris is 18 and Cassandra is 15. The trust fund was worth £600,000 when Dora died. Fiona speaks to her writer friend Gerald who has made a substantial amount of money from his own investments. He recommends that the trustees should invest £150,000 of trust money in an investment portfolio which subsequently increases in value to £300,000 and another £150,000 in shares in Sound Plc. The remainder of the trust fund is put into a bank account. Sound Plc goes into insolvent liquidation a few months later and the shares therefore become worthless. Edwin does not particularly like Dora’s children and he has a poor relationship with them. Recently Alice asked the trustees for £40,000 from the trust to enable her to set up a dog grooming business. Boris is about to go to university in London to study politics and he has asked the trustees if he can have some money from the trust to help him with living expenses. Partly as a result of their poor relationship with Edwin, Alice and Boris are now considering whether it would be possible to end the trust and divide the trust fund between the beneficiaries. You are asked to provide practical legal advice, specifically addressing the above facts and appropriately citing all relevant authority in answering the following questions, which carry equal weight: (a) Whether the trustees have acted lawfully in making their investment decisions and what consequences may follow if not (b) Whether Alice and Boris can receive help from the trust, as requested (c) Whether, and if so how, your answer to (b) would be different if Edwin has now died (d) Whether the trust can be ended and if so, how this could be achieved. You may assume for this part of the question that the facts are as in part (c) above.