Victorian Consolidated Legislation

Administration and Probate Act 1958 - SECT 47

Power to appoint trustees of minor's property

47. Power to appoint trustees of minor's property



(1) Where a minor is absolutely entitled under the will or on the intestacy of
a person (in this subsection called the deceased) to a devise or legacy, or to
the residue of the estate of the deceased, or any share therein, and such
devise, legacy, residue or share is not under the will (if any) of the
deceased, devised or bequeathed to trustees for the minor, the personal
representatives of the deceased may appoint a trustee company or two or more
individuals not exceeding four (whether or not including the personal
representatives or one or more of the personal representatives) to be the
trustee or trustees of such devise, legacy, residue or share for the minor,
and to be trustees of any land devised or any land being or forming part of
such residue or share for the purposes of the Settled Land Act 1958 and of the
statutory provisions relating to the management of land during a minority, and
may execute or do any assurance or thing requisite for vesting s uch devise,
legacy, residue or share in the trustee or trustees so appointed.

On such appointment the personal representatives, as such shall be discharged
from all further liability in respect of such devise, legacy, residue or
share, and the same may be retained in its existing condition or state of
investment, or may be converted into money, and such money may be invested in
any authorized investment.

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