(1) If any property is vested in any person as executor of a will under which
the person is the trustee of the property or is beneficially entitled thereto,
such person may, at any time after all the executorial duties with respect to
the property have been duly performed, declare by registered instrument in
writing that he or she has ceased to hold the property as executor and that he
or she holds the same as trustee or as beneficiary, as the case may be.
(2)
Where a declaration is so made, the property shall, except as otherwise
provided in this section, be deemed to be held in accordance with the
declaration.
(a) where a declaration is so made that the executor
holds as trustee, the property shall not be deemed to be so held until the
Registrar-General enters a caveat forbidding the registration of any
instrument not in accordance with the trusts and provisions declared and
contained in the will so far as concerns the land affected by the declaration,
(b) where a declaration is so made that the executor holds as beneficiary, the
property shall not be deemed to be so held until the Registrar-General
withdraws any inconsistent caveat.
(4) This section applies to wills made
either before or after the commencement of this Act, and whether the
executorial duties have been performed before or after the commencement of
this Act.