Administration/ dealing with the assets

Question 1

Who pays the income tax on an estate which produces income?

Answer 1

The PRs pay 20% income tax.
If the beneficiary is a higher rate tax payer they will pay an extra 20% to represent the 40% income tax they pay.

Question 2

Does placing advertisements about a missing beneficiary protect against liability of any future claims?

Answer 2

No, advertisements will not afford protection against any known, missing beneficiaries. Must apply for a benjamin order

Question 3

If no express provision is made who pays the inheritance tax on the will?

Answer 3

It comes out of the residue estate?

Question 4

If no express provision is made who pays the mortgage debt attributable to any property?

Answer 4

The beneficiary who receives the charged property?

Question 5

Can the executors allow a beneficiary to take chattels if they have inherited a pecuniary legacy?

Answer 5

Yes executors have authority to allow this with that beneficiaries consent if the chattel is not already assigned.