3  There  is  no  legacy  duty  on  a  specific  legacy  of  less  value  than  20/.
All  pecuniary  legacies  pay  duty  except  those  given  to  children  of  the
testator,  when  the  duty  is  covered  by  the  estate  duty,  and  to  the  wife,
which  are  exempt.
*  This  general  trust  for  sale  and  conversion  is  very  usual  and  very
convenient.  It  makes  the  trustees  universal  successors,  and  enables
them  to  deal  without  difficulty  with  the  whole  of  the  testator's  estate.
It  is  usually  better  to  adopt  this  form  and  give  powers  to  retain  any
portion  unconverted  than  to  except  the  realty  from  the  trust  for  sale
and  give  only  a  power  of  sale  over  it  to  the  executors — more  especially  in
the  case  of  small  properties.  It  also  facilitates  payment  of  death  duties,
and  does  not  now,  as  it  did  before  the  Finance  Act,  1894,  increase  the
duties.  All  duties  are  now  payable  on  the  capital  value  of  the  estate
(real  and  personal)  of  the  testator.
^  As  to  the  duties  of  executors,  see  supra,  p.  246.
^  The  trustees  will  usually  be  in  a  position  to  make  a  payment  out  of
income  at  the  end  of  six  months.     In  making  this  provision,  however,


PRECEDENTS  IN  CONVEYANCING.  365

children  who  have  attained  or  shall  attain  the  age  of  twenty-
one  years,  or,  being  daughters,  have  attained  or  shall  attain
that  age  or  marry  under  that  age,  in  equal  shares,  and  if  there
shall  be  only  one  such  child,  the  whole  shall  be  held  in  trust
for  that  one  child.
