Buckley J said: ‘In the present case, the farm has recently been valued by qualified valuers at andpound;20,000, and an advance of andpound;20,000 would be within the financial limit of the power of the advancement which the trustees at present have, having regard to the value of the elder daughter’s settled share. So far as I can see, there would be nothing wrong in the trustees making an advance in cash to her son of andpound;20,000 and subsequently selling the farm to him for andpound;20,000. In those circumstances it seems to me that the Court need not insist on that process having gone through; and that the right view is that the trustees have power to convey the farm to the son and treat that conveyance as an advancement to him of its market value.
Judges:
Buckley J
Citations:
[1961] 1 Ch 293
Jurisdiction:
England and Wales
Cited by:
Cited – In Re Pilkington’s Will Trusts; Pilkington v Inland Revenue Commissioners HL 8-Oct-1962
The trustees proposed establishing a new trust in respect of the share of an estate to which an infant beneficiary had a contingent entitlement. A portion of the trust fund would be allocated to the new trust.
Held: This was a lawful exercise . .
Lists of cited by and citing cases may be incomplete.
Trusts
Updated: 06 May 2022; Ref: scu.509242
