5. Will Drafting

Question 1

Will Drafter: Wishes to exclude provision requiring that the appropriation of assets requires the consent of existing legatees

Answer 1

1. Generally, s 41 AEA requires consent of legatee where certain assets have been specifically bequeathed (if executor wishes to sell this item to satisfy the interest of another)
2. This provision may be de-applied in the will (in which case, consent is not a formal requirement)
3. If the executor is a beneficiary and wishes to apply a specific asset for their OWN interest, this consent will be required to avoid breaches of the fiduciary duties that they are so bound