equity and trust- The unborn widow
Posted: Sat Feb 15, 2014 8:00 am
HI I am struggling to understand the material I got from wiki:
Note that changing the word "issue" to "children" will not make the gift valid. It appears at first that A's child might serve as the "life in being" if they were born at the time of the grant. However it is possible that, following the grant, such a child would die - this in itself does not render the grant invalid as such an eventuality would mean the interest NEVER vests, a possibility that does not invoke the rule against perpetuities. But it is then possible for A to father more children before death. These further children cannot then serve as "lives in being", forcing A to once again fill that role.
My understanding is, once the child died then the interest is to be transferred to either another child of the child's issue. But I still not understand the letters in bald. Can someone explain it to me?
Thanks
Note that changing the word "issue" to "children" will not make the gift valid. It appears at first that A's child might serve as the "life in being" if they were born at the time of the grant. However it is possible that, following the grant, such a child would die - this in itself does not render the grant invalid as such an eventuality would mean the interest NEVER vests, a possibility that does not invoke the rule against perpetuities. But it is then possible for A to father more children before death. These further children cannot then serve as "lives in being", forcing A to once again fill that role.
My understanding is, once the child died then the interest is to be transferred to either another child of the child's issue. But I still not understand the letters in bald. Can someone explain it to me?
Thanks