The rules of intestacy can provide for assets to be held in a
statutory trust (TSEM6120). These are ‘trusts for
sale’. This does not mean the trustees are obliged to sell
immediately. The phrase means the trustees have the power to sell.
Usually they have the power to sell, and also the discretion to
postpone sale. They can defer the sale for as long as they think
fit. Without the discretion to postpone, they must sell as soon as
they can.
They must re-invest the proceeds for the benefit of the
beneficiary.
