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Hello!
My grandfather sadly passed away 1 year ago. Probate has recently been granted and I, as one of his grandchildren, am to become a beneficiary of his will but I'm having trouble understanding my entitlement.
The portion of the will pertaining to grandchildren is as follows:
I give subject to their bearing any inheritance tax attributable to its value all my
estate and interest (if any) in the property being and situate at *PROPERTY NAME* to my Trustees upon trust to sell the same with the power to
postpone sale and to invest the proceeds thereof and to apply the income or
proceeds therefrom as follows:
(i) As to 50% thereof for my daughter *NAME* absolutely
(ii) And as to 50% thereof for such of my grandchildren as shall be living at
the date of my death and if more than one in equal shares on each
attaining the age of 21.
There are currently 5 grandchildren that I'm aware of, myself and my elder sibling are the only ones currently of age.
Does mean that I should be receiving 10% of the income/proceeds from this property?
Probate was granted last month but my grandfather passed away in April of last year, does this mean I should be entitled to 'back payment'?
The will goes on to state:
PROVIDED ALWAYS:
(a) should any of the above named beneficiaries not have attained the age of 21
years at the date of my death then my Trustees shall hold the same upon
trust for such child or children until they shall have attained the age of 21
And finally:
My Trustees shall have power to apply for the benefit of any beneficiary
who is under twenty-one the whole or any part of the income from any
capital to which he is or may become entitled or for a period not
exceeding twenty-one years after my death to accumulate income and
shall have power to pay or apply for the benefit of any such beneficiary
the whole or any part of the capital to which he is or may become
entitled;
My youngest sibling has not reached the age of twenty one so I understand that his benefit will be managed by the trustees until then. However the final clause says the trustees have 'power to pay or apply for the benefit' of the beneficiaries who have not come of age, I'm unsure of the meaning behind this and I would be grateful for any clarification anyone can provide.
Thanking you all greatly for taking the time to read this, any responses are most appreciated!
My grandfather sadly passed away 1 year ago. Probate has recently been granted and I, as one of his grandchildren, am to become a beneficiary of his will but I'm having trouble understanding my entitlement.
The portion of the will pertaining to grandchildren is as follows:
I give subject to their bearing any inheritance tax attributable to its value all my
estate and interest (if any) in the property being and situate at *PROPERTY NAME* to my Trustees upon trust to sell the same with the power to
postpone sale and to invest the proceeds thereof and to apply the income or
proceeds therefrom as follows:
(i) As to 50% thereof for my daughter *NAME* absolutely
(ii) And as to 50% thereof for such of my grandchildren as shall be living at
the date of my death and if more than one in equal shares on each
attaining the age of 21.
There are currently 5 grandchildren that I'm aware of, myself and my elder sibling are the only ones currently of age.
Does mean that I should be receiving 10% of the income/proceeds from this property?
Probate was granted last month but my grandfather passed away in April of last year, does this mean I should be entitled to 'back payment'?
The will goes on to state:
PROVIDED ALWAYS:
(a) should any of the above named beneficiaries not have attained the age of 21
years at the date of my death then my Trustees shall hold the same upon
trust for such child or children until they shall have attained the age of 21
And finally:
My Trustees shall have power to apply for the benefit of any beneficiary
who is under twenty-one the whole or any part of the income from any
capital to which he is or may become entitled or for a period not
exceeding twenty-one years after my death to accumulate income and
shall have power to pay or apply for the benefit of any such beneficiary
the whole or any part of the capital to which he is or may become
entitled;
My youngest sibling has not reached the age of twenty one so I understand that his benefit will be managed by the trustees until then. However the final clause says the trustees have 'power to pay or apply for the benefit' of the beneficiaries who have not come of age, I'm unsure of the meaning behind this and I would be grateful for any clarification anyone can provide.
Thanking you all greatly for taking the time to read this, any responses are most appreciated!
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