I have been asked to assist on an estate where the grandchildren were left £10,000 subject to attaining 21. The relevant wording is:
“I give to my grandchildren living at my death … each the sum of £10,000 subject to each of them attaining the age of 21 years” (and then an accumulation/advancement of income power for the trustees).
There is no substitutionary element and it does not say equally/etc. My question is (setting aside any powers to wind up early) whether this has actually created a separate trust for each grandchild or one joint trust? My reading is that there are separate trusts.
I also fear that, if I am wrong and there is just one trust, if one of the grandchildren doesn’t attain 21 it seems from this wording that all of the gifts fail (which would undoubtedly be a drafting error subject to rectification).
I would appreciate any views/comments.
Thomas Simpson Solicitors