On and upon the distribution date, my Trustees shall hold the trust fund for such of my grandchildren then living and if more than one in equal shares but if any of them shall fail to obtain a vested interest leaving issue living at the distribution date then such issue shall take by substitution [… per stirpes …]
The leading "for such of my grandchildren then living" seems to clearly restrict the beneficiaries to those living, but the per stirpes that follows does not seem to make sense in that case.
Does “any of them” refer to “my grandchildren then living” or “my grandchildren”?
Assuming beneficiaries become absolutely entitled on the “distribution date”, I think it has to mean “my grandchildren”. On that construction the clause makes perfect sense whereas the alternative would mean the words from “but if” are entirely superfluous (because a living grandchild would always obtain a vested interest).
I don’t think the words “but if” are “entirely superfluous” due to the, probably remote, possibility that a grandchild could forfeit their inheritance by being involved in the death of either the testator or the life tenant.
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals
Thank you. This answers my un-asked question “How could a grandchild fail to obtain a vested interest other than by dying?” and makes much more sense of the whole construct.