Contingent Specific Legacy - who does the income belong to?


I have a (one page) will with the following legacy:

I give my property known as // to my trustees on trust for sale (with power to postpone the sale without being liable for any loss) and to hold the property on trust in equal shares for my grandchildren who are living at the date of my death and reach the age of 25 years." [this is the complete clause - there are no sub-clauses].

One grandchild is over 25, two grandchildren are over 18 (but under 25) and one grandchild is a minor.

The residue of the estate is left to children in equal shares.

The one grandchild who is 25 has a vested interest and is entitled to his quarter share of the income. The other three, in my opinion, have contingent interests - but the clause is silent on as to who is entitled to the income.

STEP edition 1 has been incorporated by reference but, as I understand it, the power of maintenance is only relevant if the legacy carries the income.

I initially thought that this was a relevant property trust (in respect to 3/4 of the property) but then if the income does belong to the residual beneficiaries am I right in thinking that that they (the children) each have an IPDI and in which case s32 requires their consent to advance assets to grandchildren?

Many thanks,
Tom Evans
mfg Solicitors

Managed to find my own answer!

A contingent specific bequest of property, real or personal, carries the right to intermediate income under Law of Property Act 1925, s.175(1) but the testator can otherwise dispose of such income by express provision if he so chooses under Trustee Act 1925, s.69(2).

Tom Evans
mfg Solicitors