From www.smsfadviser.com: The court approved a deed of arrangement to terminate a testamentary trust established by Joseph Pennington Senior’s will following his death in October 2023.

The trust, which was established to benefit his children, held about $5 million and was set to vest in 2044.

The termination was largely driven by the desire to avoid ongoing trustee fees and uncertainty regarding potential future children, with the court determining that the arrangement would not significantly harm any unborn children.