26. Beneficiaries of trust, will or intestacy

The Financial Promotion Restriction does not apply to any communication which is made —

(a) between a person when acting as a settlor or grantor of a trust, trustee or personal representative and a beneficiary under the trust, will or intestacy; or
(b) between a beneficiary under a trust, will or intestacy and another beneficiary under the same trust, will or intestacy;

if the communication relates to the management or distribution of that trust fund or estate.