1006. Immediate post-death interest.

Where a person is beneficially entitled to an interest in possession in settled property, that interest will be an 'immediate post-death interest' only if the following conditions are satisfied1:

  1.  

    (1)     the settlement was effected by will or under the law relating to intestacy2;

  2.  

    (2)     the person became beneficially entitled to the interest in possession on the death of the testator or intestate