Trusts, Settlements and Estates Manual

TSEM6535 - Legal background to trusts and estates: Scottish law: conditions attached to a legacy

바카라 사이트˜In life at the time of my death바카라 사이트™

This means the beneficiaries have to be alive when the testator dies. They have a vested interest (TSEM6210). During the administration period each has an absolute interest in the residue (TSEM6114). After the administration period, each beneficiary is absolutely entitled to income and capital.

Sometimes the will instructs the trustees to retain control until beneficiaries reach a specified age. The 바카라 사이트˜trust바카라 사이트™ is a bare or simple trust (TSEM6272). The beneficiaries will be able to demand payment when they are of age.

바카라 사이트˜Such as survive me, and attain age바카라 사이트¦바카라 사이트™ or

바카라 사이트˜Such as are in life when the eldest attains age바카라 사이트¦ and who subsequently attain age바카라 사이트¦바카라 사이트™

The beneficiaries will not have a vested interest (TSEM6210) until they satisfy all the conditions. Usually the will instructs the trustees what to do with the income until then.They may be required to pay it all out. Or they may have the discretion whether to pay or accumulate. This determines whether ICTA88/S686 applies to the trust.