The deceased had created a trust with constructive trusts for his four children for life, and protective trusts for remoter issue. The last child had now died, and the initial trust period had expired. The trust provided that at this point the fund was held on trust for the grandchildren and remoter issue who had attained 21 equally and per stirpes. A grandchild was 21 at the date of the settlement but died without issue before the trust period expired. The court was asked whether his interest had vested and was to take a share.
Held: Once a deed created an apparent vested interest, clear words would be required to convert the same gift into a contingent one. A gift to grandchildren who had attained the age of 21 years, created vested interests. It did not create an interest contingent on them surviving the trust period. No sufficient words had been used in the trust to create a double contingency, and the requirement was to either survive the trust period or to attain the age of 21, but did not require both.
Judges:
Rimer J
Citations:
Times 03-Aug-2000, Gazette 03-Aug-2000
Jurisdiction:
England and Wales
Citing:
Cited – In re Duke, Hannah v Duke 1880
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Lists of cited by and citing cases may be incomplete.
Trusts
Updated: 08 April 2022; Ref: scu.78223