Separate settlements: conventional use of special powers of appointment
A special power of appointment in conventional form was used in Bond v Pickford. Thisenabled the trustees to `apply capital for the benefit of any one or more of theBeneficiaries … by allocating to such Beneficiary such sum or sums … as the Trusteesshall think fit either absolutely or contingently upon the attainment by him or her of aspecified age or the happening of a specified event before the Vesting Day.’ Typicallythis kind of power is given to the trustees of a family discretionary trust. The trusteesmay appoint life interests with a gift over on the beneficiary’s death. The life interestmay be in specific trust assets. On this wording the power is in `narrower form’, but asimilar result may be obtained by use of a power in `wider form’.