Re Ritchie's Will Trusts

The applicants sought orders in relation to a trust established under the will of a deceased person. The trust provided for the distribution of the deceased's estate to their children and grandchildren over a period of twenty years. The applicants were trustees of the trust and sought to vary the trust deed to allow for an earlier distribution of the estate, and in the alternative, for directions to permit the beneficiaries to borrow some of the proceeds of the sale of real property held by the trust. The case was heard by the Supreme Court of Victoria.

The court had to determine whether the trust deed should be varied to allow for an earlier distribution of the estate. The court also had to consider whether, in the alternative, directions should be given to the effect that the beneficiaries be permitted to borrow some of the proceeds of the sale of real property. The court considered the purpose of the trust and the intentions of the deceased in establishing the trust. The court also considered the rights of the beneficiaries and the trustees in relation to the trust property.

The court found that the trust deed should not be varied to allow for an earlier distribution of the estate. The court held that the twenty-year period was reasonable and in line with the intentions of the deceased. The court also found that the beneficiaries should not be permitted to borrow some of the proceeds of the sale of real property. The court held that such a direction would undermine the purpose of the trust and the intentions of the deceased in establishing the trust.

The court dismissed the application and made no orders. The trust would continue in accordance with the terms of the trust deed.