Any court before which or judge before whom proceedings are pending for the taking of any real estate for public purposes and for the ascertainment of the compensation for such taking or for damages done to such real estate by public improvements, on finding that such real estate is subject to an estate for life or years in one or more persons or corporations, with remainder, reversion or executory devise, to another or others, may, if in its or his opinion the rights of all parties would be better protected than by assessing each interest separately, assess the compensation or damage for the entire title to the real estate, and order that the income during the term for which the particular estate was limited shall belong to the tenant for life or years, subject to any rent, charge or payment to which such estate for life or years was subject, and the obligation to make which still continues, and that, at the expiration of such term, the principal sum shall belong to the remainderman, reversioner or executory devisee. When such remainder, reversion or executory devise is contingent, so that it is not certain in whom the same will ultimately vest, said court or such judge shall make such order in regard to the ultimate payment of such compensation as shall preserve to all parties, as nearly as possible, the same rights which they would have had in the real estate. Upon application of the plaintiff in such condemnation proceedings, or of any party in interest, the court of probate in the district in which the real estate is situated shall appoint a trustee to hold such compensation or damage and carry out the order of said court or such judge, and shall require a sufficient bond from such trustee for the faithful performance of the duties of such trust, and such trustee shall render accounts as provided in § 45a-177. If it appears that any of the parties in interest are minors or are not yet ascertained, the court or judge by which such order is made shall, before rendering judgment in such proceedings in eminent domain, order and require the plaintiff to procure the appointment of such trustee. When such real estate is subject to a lease under which rent is reserved to the lessor or any other person, if the taking of or damage done to such real estate destroys its value for the purpose for which it was leased, such court may adjudge such lease to be cancelled and the obligation to pay such rent to be terminated by such taking or damage, and shall ascertain the damage to all parties in interest on the basis of such cancellation.