A (1) Someone whose money or property is being looked after for them by someone else (called a trustee). (2) A person who is left something in a will, also sometimes called a legatee. See also trust. who does not receive any capital, but whose share is restricted to the income only, is said to have an interest in a settled All the property a person has, including real property and personal property. It is often used to describe property belonging to someone who has died, or the property of a bankrupt.. For example, the willmaker may have left the income from the estate to a spouse for their life, and after the spouse’s death, the capital to their children. The obligations of the trustee then are to invest the capital fund, to preserve the value of the investment for the children, and to pay the income to the spouse during their lifetime.
The manner in which any such settled share is invested depends on the powers given by the deceased in the A document that sets out what a person wants to happen to their money and other property after they die.. If these powers are not set out in the will, they are restricted to the investment powers for trusts set out in the Trustee A written law made by parliament. Also called an ‘Act of parliament’, ‘statute’ or legislation.. Where life interests in real estate are left in a will, the Settled Land Act 1958 (Vic) governs how the life interest is administered. See the Property Law Act 1958 (Vic) (‘Property Law Act’).
The law in this area is very complex and professional advice should be taken both before putting such provisions in a will or where such a provision appears in a will being proved.