150Succession to real and personal estate on intestacy.
(1)The residuary estate of every person who dies intestate after the commencement of this Act shall be distributed in the manner or be held on the trusts mentioned in this section, namely :—
(i)If the intestate leaves a husband or wife (with or without issue) the surviving husband or wife shall take the personal chattels absolutely, and in addition the residuary estate of the intestate (other than the personal chattels) shall stand charged with the payment of a net sum of one thousand pounds, free of death duties and costs, to the surviving husband or wife with interest thereon from the date of the death at the rate of five pounds per cent. per annum until paid or appropriated; and, subject to providing for that sum and the interest thereon, the residuary estate (other than the personal chattels) shall be held:
(a)If the intestate leaves no issue, upon trust for the surviving husband or wife during his or her life;
(b)If the intestate leaves issue, upon trust, as to one half or the property appropriated in respect of the same, for the surviving husband or wife during his or her life, and, subject to such life interest, on the statutory trusts for the issue of the intestate; and, as to the other half or the property appropriated in respect of the same, on the statutory trusts for the issue of the intestate; but if those trusts fail or determine in the lifetime of a surviving husband or wife of the intestate, then upon trust for the surviving husband or wife during the residue of his or her life ;
(ii)The personal representative or representatives may, either with the consent of any such tenant for life, not being also the sole personal representative or otherwise with the leave of the court, purchase or redeem the life estate (while it is in possession) by paying the capital value thereof (reckoned according to tables selected by the personal representative) to the tenant for life or the persons deriving title under him and the costs of the transaction, and thereupon the residuary estate of the intestate may be dealt with or distributed free from such life estate:
(iii)If the intestate leaves issue but no husband or wife, then the residuary estate of the intestate shall be held on the statutory trusts for the issue of the intestate:
(iv)If the intestate leaves both parents but no issue, then, subject to the interests of a surviving husband or wife, the residuary estate of the intestate shall belong to the father and mother in equal shares absolutely:
(v)If the intestate leaves one parent only but no issue, then, subject to the interests of a surviving husband or wife, the residuary estate of the intestate shall belong to the surviving father or mother absolutely:
(vi)If the intestate leaves no issue or parent, then, subject to the interests of a surviving husband or wife, the residuary estate of the intestate shall be held in trust for the following persons living at the death of the intestate, and in the following order and manner, namely:—
First, on the statutory trusts for the brothers and sisters of the whole blood of the intestate; but if no person takes an absolute interest under such trusts; then
Secondly, on the statutory trusts for the brothers and sisters of the half blood of the intestate; but if no person takes an absolute interest under such trusts; then
Thirdly, for the grandparents of the intestate and, if more than one survive the intestate, in equal shares; but if no member of this class takes an absolute interest; then
Fourthly, on the statutory trusts for the uncles and aunts of the intestate (being brothers or sisters of the whole blood of a parent of the intestate); but if no person takes an absolute interest under such trusts; then
Fifthly, on the statutory trusts for the uncles and aunts of the intestate (being brothers or sisters of the half blood of a parent of the intestate); but if no person takes an absolute interest under such trusts; then
Sixthly, for the surviving husband or wife of the intestate absolutely.
(vii)In default of any person taking an absolute interest under the foregoing provisions, the residuary estate of the intestate shall belong to the Crown or to the Duchy of Lancaster or to the Duke of Cornwall for the time being (as the case may be) as bona vacantia, and in lieu of any right to escheat, and this Part of this Act shall bind the Crown, the said Duchy and the said Duke so far as necessary to give effect to the provisions thereof, but not so as to affect the time within which proceedings for the recovery of land or other property devolving on the Crown or the said Duchy or Duke may he instituted. The Crown, the said Duchy or Duke may, out of the whole or any part of the property devolving on them, provide for dependents, whether kindred or not, of the intestate, and other persons for whom it may he considered that the intestate ought to have made provision.
(2)Provided that under the foregoing provisions of this section a husband and wife shall for all purposes of distribution or division be treated as two persons.
(3)Section twenty-five of the [29 Car. 2. c. 3.] Statute of Frauds the Statutes of Distribution and the [53 & 54 Vict. c. 29.] Intestates' Estates Act, 1890, are hereby repealed as regards England and Wales, and—
(a)references to the Statutes of Distribution in an instrument inter vivos made or in a will coming into operation after the commencement of this Act, shall be construed as references to this Part of this Act;
(b)where a testator dies after the commencement of this Act, the executor shall (subject to his rights and powers for the purposes of administration) be a trustee for the persons entitled under this part of this Act, in respect of any residue not expressly disposed of, unless it appears by the will that the executor is intended to take such residue beneficially;
(c)trusts declared in an instrument inter vivos made or in a will coming into operation before the commencement of this Act, by reference to the Statutes of Distribution, shall, unless the contrary thereby appears, be construed as referring to the Statutes so repealed.
(4)Where the intestate leaves a will effectually disposing of part of his property, this section shall take effect subject to the provisions therein contained, and (save as provided by this Part of this Act in regard to the issue of the intestate) no beneficial interest acquired under the will shall be liable to be brought into account.
(5)The personal representatives may raise—
(a)the net sum of one thousand pounds or any part thereof and the interest thereon payable to the surviving husband or wife of the .intestate on the security of the whole or any part of the residuary estate of the intestate (other than the personal chattels), so far as that estate may be sufficient for the purpose or the said sum and interest shall not have been satisfied by an appropriation under the statutory power available in that behalf; and
(b)in like manner the capital sum (if any) required for the purchase or redemption of the life estate of the surviving husband or wife of the intestate, or any part thereof not satisfied by the application for that purpose of any part of the residuary estate of the intestate, and the amount (if any) properly required for the payment of the costs of the transaction.
(6)If there is only one personal representative (not being a trust corporation) then, during any minority or the subsistence of a life interest, any person interested or the guardian, committee or receiver of any such person may apply to the court under the Trustee Act, 1893 (as amended by any subsequent enactment) for the appointment of new trustees either in addition to or in place of the personal representative.