wording in will is ‘I give assets X to my trustees to hold on trust for such of my grandchildren as shall surive me and if more than one in equal shares upon reaching the age of 25’
I am debating whether the grandchildren alive at death have a vested interest albeit they wont receive assets until 25 as the wording doesn’t say as shall survive me and provided they attain 25
Any thoughts as if contingent this will be a RPT as opposed to a bare trust (were under 18 at death)
There are two conditions to be met before the grandchildren become entitled. So they do not take immediate vested interests at the death of the testator. This is not a bare trust.
TSEM1563
Thank you for your reply. The grandchildren are all alive at death, It is whether the wording is intepreted as though they will only be entitled IF they attain 25 or whether it can be intepreted that they have a vested interest because they are alive at death but would only receive the capital at 25 i.e. example 1 TSEM1563. Its not as clear cut as in it doesnt say who survive me AND attain 25
I would lean towards it being contingent rather than vested.
Is s.31 TA 1925 amended in any way? Often with age contingent legacies, s.31 is amended so that the contingent beneficiary is entitled to the income immediately, thereby creating an IPDI (rather than an RPT).