Bassett v Bassett [2003] NSWSC 691

Bassett v Bassett [2003] NSWSC 691

If Ernest John Bassett surrenders his life interests, the remainder interests for his children accelerate and vest immediately, and the class of beneficiaries closes on the date of surrender, precluding any future children from taking.

Jurisdiction
Australia
Judgment Date
30 July 2003
Procedural Posture
Construction Summons / Judgment on Judicial Advice
Outcome
Judicial advice given: surrender by the life tenant accelerates and vests the remainder in existing children and closes the class at date of surrender.
Legal Topics
['acceleration of Remainders' 'closure of Class of Beneficiaries' 'construction of Wills']
['wills and Succession' 'equity'] ['acceleration of Remainders' 'closure of Class of Beneficiaries' 'construction of Wills']

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Procedural Posture

Construction Summons / Judgment on Judicial Advice

Legal Issues

  1. 1 ['Whether surrender of life interests under the will accelerates vesting of remainders to the existing children of the life tenant' 'Whether such acceleration closes the class of potential beneficiaries, preventing children born after surrender from taking']

Ratio Decidendi

If Ernest John Bassett surrenders his life interests, the remainder interests for his children accelerate and vest immediately, and the class of beneficiaries closes on the date of surrender, precluding any future children from taking.

Court Disposition

Judicial advice given: surrender by the life tenant accelerates and vests the remainder in existing children and closes the class at date of surrender.

Orders

  • ['The property which is the subject of life interests in clauses 4 and 6(a) of the will passes to the children of the first plaintiff immediately upon surrender of those life interests.' 'The class of beneficiaries closes on date of surrender.' 'Plaintiff trustees are justified in immediate distribution to first and...