The property held by a trust will often be considered to be a fund, where the items may be replaced with others for various reasons. This is may not be the case where the settlor did not intend it to be the case. By contrast, where the trust is a discretionary trust, this is often the case, especially where the trust has assets that are held for their investment value, rather than for their own sake.

Example: I give family home to my brother to protect from my profligate son, and to hold for the duration of my son's life + 21 years, to be given to my son's son, to protect our family heritage. My brother would be in breach of trust if he sold the house, and replaced it with money. If instead, I had given him some financial instruments, he would be in breach of trust if he held them inappropriately.

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