Quizzes & Puzzles1 min ago
Wiils - Section 32 of the Tustee Act 1925
A will shown to me recently stated: "the statuary power of advancement given to Trustees by Section 12 of the Trustees Act 1925 shall apply to the trusts hereof as if incorporated herein save that the limit of advancement shall instead of being one half of the value of my net residuary estate shall be the whole thereof."
Can anyone put this into plain English?
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Only a guess but a logical one:
the will is leaving money to children (minors). Legally they can't have it until they are 18.
under the TIA the trustees have the power to pay (advance) some of the money before they are 18 - usually for some educational purpose but it doesn't have to be. Usually this is limited to half the bequest, but in this case the whole of the money can be used in this way at the trustee's discretion.