I am advising on a Will that, at clause 5.03, leaves a property between such of the testator’s grandchildren as survive him and if more than one in equal shares upon attaining 21 years old absolutely. The Will goes on to state the following:
9.1 My trustees must hold the share of my Specific Bequest referred to at clause 5.03 on trust for my grandchildren upon reaching 21.
9.2 While my grandchildren are under 21 my Trustees:
(a) may pay the income from my grandchildren’s shares of the Specific Bequest to my grandchildren or use it for their benefit; and
(b) subject to any exercise of my Trustees power under clause 9.2(a), must add to my grandchildren’s shares of the Specific Bequest any income from that share.
9.3 While my grandchildren are under 21 my Trustees may pay some or all of the capital of my grandchildren’s shares of the Specific Bequest to my grandchildren or use it for their benefit.
9.4 If any of my grandchildren dies before reaching 21, leaving children of his own, my Trustees must hold the deceased child’s share on trust for those children, in equal shares absolutely.
9.5 Sections 31 and 32 of the Trustee Act 1925 do not apply to the trust in this clause 8 (assume this is a typo and should be 9), except for those in clause 8.04 (again, assume 9.04).
Clause 10 incorporates the Standard and Special STEP provisions (2nd edition).
There are six beneficiaries in total, four above 21 and 2 under (8 and 18). There is a family dispute and the executors want to keep things simple by selling the property and paying each grandchild their share. Is this possible?