Under a will which directed a sale of real estate, Y was one of several beneficiaries entitled by way of remainder to a share in residue. Y predeceased the life tenant and died intestate. At the date of Y’s death, all the debts, funeral and testamentary expenses, probate and other death duties and legacies had been paid but all the real property had not been sold as directed by the will. A portion of the residue had been appropriated by the trustee to the settled share of Y’s mother. A considerable portion of the estate at the time of Y’s death consisted of moneys invested on the security of mortgages of real estate in Victoria.