Trusts Act 2025
sec.41Vesting of trust property in holder of grant
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sec.41 Vesting of trust property in holder of grant
This section applies if— a new trustee has not been appointed to replace the last continuing trustee; and a grant of probate of the will, or letters of administration of the estate, of the last continuing trustee is made to a person, other than the public trustee; and the holder of the grant gives the public trustee written notice of— the making of the grant; and the holder’s intention to assume the trust of the trust property. The trust property— is divested from the public trustee; and devolves to and vests in the holder of the grant in the same way, and subject to the same provisions, as trust property vests in a post-change trustee under division 5 . (sec.41-ssec.1) This section applies if— a new trustee has not been appointed to replace the last continuing trustee; and a grant of probate of the will, or letters of administration of the estate, of the last continuing trustee is made to a person, other than the public trustee; and the holder of the grant gives the public trustee written notice of— the making of the grant; and the holder’s intention to assume the trust of the trust property. (sec.41-ssec.2) The trust property— is divested from the public trustee; and devolves to and vests in the holder of the grant in the same way, and subject to the same provisions, as trust property vests in a post-change trustee under division 5 .
- (a) a new trustee has not been appointed to replace the last continuing trustee; and
- (b) a grant of probate of the will, or letters of administration of the estate, of the last continuing trustee is made to a person, other than the public trustee; and
- (c) the holder of the grant gives the public trustee written notice of— (i) the making of the grant; and (ii) the holder’s intention to assume the trust of the trust property.
- (i) the making of the grant; and
- (ii) the holder’s intention to assume the trust of the trust property.
- (i) the making of the grant; and
- (ii) the holder’s intention to assume the trust of the trust property.
- (a) is divested from the public trustee; and
- (b) devolves to and vests in the holder of the grant in the same way, and subject to the same provisions, as trust property vests in a post-change trustee under division 5 .