This section is from the book "Real Property, An Introductory Explanation Of The Law Relating To Land", by Alfred F Topham. Also available from Amazon: The New Law Of Property.
Death of a Trustee. - On the death of one of several trustees, the legal estate in the land passes to the other trustees.
This is due to the fact that the land is always conveyed to the trustees as "joint tenants" (see p. 51), and consequently on the death of one, the land passes to the others by survivorship.
On the death of sole trustee (or a sole surviving trustee) the legal estate passes to his personal representatives.
Before 1881 the legal estate passed in the same way as other estates in fee simple, namely, to the heir of the trustee, or the person to whom he had devised it by his will.
This led to much inconvenience, and now in the case of the death of a trustee after 1881, the land goes to his executors or administrators.
(g) Constructive notice is defined by s. 3 of the Conveyancing Act, 1882.
Transfer of the Trust Estate. - If the trustees die or wish to retire or remain abroad for more than twelve months, new trustees may be appointed by -
(i.) The persons to whom power to appoint trustees is expressly given by the instrument which created the trust.
(ii.) By the surviving or continuing trustees or the personal representatives of the last surviving trustee.
(iii.) By the Court.
On such an appointment the legal estate may now be transferred to the new trustees without a conveyance, by a declaration made by the person who appoints the new trustee (h). This is called a "vesting declaration."
(ii.) Freeholds vested in the trustees as mortgagees, (iii.) Stocks and shares.