TSEM6120 - Legal background to trusts & estates: no valid will - statutory trust

The rules of intestacy can provide for assets to be held in a 바카라 사이트˜statutory trust바카라 사이트™ (a 바카라 사이트˜trust for sale바카라 사이트™ TSEM6123). Most commonly, it occurs where the assets exceed a fixed sum (set by statute), and the deceased left a widow and issue.

The widow is entitled to the fixed sum. Half of the excess is held on a statutory trust. The widow receives the income of this trust for life. This is an 바카라 사이트˜interest in possession바카라 사이트™ (TSEM1105). After her death the assets are held for the issue as for the other half. The other half share is held on 바카라 사이트˜statutory trusts바카라 사이트™ for the issue.

Under the 바카라 사이트˜statutory trusts바카라 사이트™, each child receives a share of the assets on reaching the age of majority (TSEM6125) or on marriage if that is earlier. This creates an accumulation and maintenance trust (TSEM1025).

If a child dies before becoming entitled to a share, that share passes to any other child(ren) on the same basis.

If

  • there is no issue or
  • they fail to survive to majority or earlier marriage

this share passes as if the deceased died without leaving issue.

These rules do not apply to Scotland or Northern Ireland (TSEM7842 and TSEM7862).