H Holt Will Trust v Commissioner for Inland Revenue (131/91)
H Holt Will Trust v Commissioner for Inland Revenue (131/91) [1992] ZASCA 135 (10 September 1992)
The Supreme Court of Appeal held that the surplus income and capital of the H Holt Will Trust vested in the ultimate charitable beneficiaries upon the death of the testatrix. The annuitant, Miss Walker, was found to have a usufructuary interest, not a fiduciary interest, and her entitlement to annuity and supplementation from capital did not postpone vesting in the charities. The will clearly contemplated a residue for distribution to the charities, and the absence of a condition of survivorship or other contingency meant that the charities acquired a vested right to the trust assets immediat…
Source excerpt
- Income Tax Exemption
- Vesting Of Trust Assets
- Testamentary Trusts
- Charitable Bequests