Statutory trusts in favour of issue and other classes of relatives of intestate

(1) Where under this Part the issue of the intestate takes the residuary estate, or any part thereof, it shall, until lawfully paid over to the issue, be held by the personal representatives upon the following trusts, namely– (a) in trust, in equal shares if more than one, for all or any of the children or child of the intestate living at the death of the intestate, who attain the age of eighteen years or marry under that age, and for all or any of the issue living at the death of the intestate who attain the age of eighteen years or marry under that age of any child of the intestate who predeceased the intestate, such issue to take, through all degrees according to their stocks in equal shares if more than one, the share which their parent would have taken if living at the death of the intestate, and so that no issue shall take whose parent is living at the death of the intestate and so capable of taking; (b) the statutory power of advancement, and the which relate to maintenance and accumulation of surplus income under sections 31 and 32 of the Trustee Act shall apply, but when an infant marries such infant shall be entitled to give 1925, c.19. Administration of Estates Act 53 valid receipts for the income of the infant’s share or interest; (c) where the property held on the trusts for issue is divided into shares, then any money or property which, by way of advancement or on the marriage of a child of the intestate, has been paid to such child of the intestate or settled by the intestate for the benefit of such child, including any life or less interest and including property covenanted to be paid or settled, shall, subject to any contrary intention expressed or appearing from the circumstances of the case, be taken as being so paid or settled in or towards satisfaction of the share of such child or the share which such child would have taken if living at the death of the intestate, and shall be brought into account at a valuation, the value to be reckoned as at the death of the intestate, in accordance with the requirements of the (d) the personal representatives may permit any infant contingently interested to have the use and enjoyment of any personal chattels in such manner and subject to such conditions, if any, as the personal representatives may consider reasonable, and without being liable to account for any consequential loss. (2) Where under this Part any class of relatives of the intestate takes the residuary estate, or any part thereof, it shall, until lawfully paid over to such relatives, be held by the personal representatives on trusts corresponding to the statutory trusts on which the residuary estate is to be held for the issue of the intestate (other than the provision for bringing any money or property into account) as if such trusts (other than the aforesaid) were repeated with the substitution of references to the members 54 Administration of Estates Act or member of that class for references to the children or child of the intestate.