I would be grateful if someone could help:
Will clause on IPDI states
"Subject as above (life interest to spouse), the trustees shall hold the capital and income for such of my children, namely my stepsons A and B my daughter C and my son D as shall survive me and if more than one in equal shares absolutely PROVIDED that:
a) if any beneficiary of mine shall die in my lifetime leaving issue who shall survive me then such issue shall take the share of my estate which such beneficiary would otherwise have taken and
b) if there shall be more than one of such issue they shall take in equal shares per stirpes but so that no-one shall take a share if their parent is alive and takes a share.
Situation - testator has died, life tenant is alive and A recently died leaving 2 children.
On death of the life tenant, does the trust fund pass to:
1- A’s estate and PR distribute according to residuary gift in Will or intestacy?
2- A’s children (or grandchildren) living at the life tenant’s death
3- something else…
My understanding of the clause is that if A survives testator he has then a vested interest as he has fulfilled the condition and if A fails to survive the life tenant A’ share passes to his/her estate, however some expert advice will be appreciated.