I am going round in circles with this and would appreciate any help.
I am dealing with an estate and the deceased left 1/3 of her estate to her granddaughter “provided she shall survive me and reach the age of 21 years but if she shall die before me or before attaining a vested interest to X”.
I think this is a contingent gift and will fall under the relevant property regime unless I’m missing something obvious?
Nicola Finbow
You are correct Nicola-you could always consider advancing under s32 Trustee Act if it is appropriate to get round what may be an uneconomic trust-which if you do within 2 years will take it outside of the relevant property
regime because of s144 IHTA.
Simon Northcott
Yes, this looks to be a contingent gift and would normally be expected to fall within the relevant property regime.
Unless otherwise dealt with in the will, once the granddaughter attains age 18 she will be entitled to the income.
If she was already 18 at the date of death and is entitled to the income, her interest will be an IPDI notwithstanding the contingency.
Paul Saunders