»Ê¹ÚÌåÓýapp

»Ê¹ÚÌåÓýapp rules of intestacy can provide for assets to be held in a ‘statutory trustâ€� (a ‘trust for saleâ€� TSEM6123). Most commonly, it occurs where the assets exceed a fixed sum (set by statute), and the deceased left a widow and issue.

»Ê¹ÚÌåÓýapp widow is entitled to the fixed sum. Half of the excess is held on a statutory trust. »Ê¹ÚÌåÓýapp widow receives the income of this trust for life. This is an ‘interest in possessionâ€� (TSEM1105). After her death the assets are held for the issue as for the other half. »Ê¹ÚÌåÓýapp other half share is held on ‘statutory trustsâ€� for the issue.

Under the ‘statutory trusts�, 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.

»Ê¹ÚÌåÓýappse rules do not apply to Scotland or Northern Ireland (TSEM7842 and TSEM7862).