Legacies Flashcards
5 Types of legacies
Specific - gifts of particular things owned by the testator
General - Gifts of things or money not expressed as owned by the testator
Demonstrative - Gifts expressed as being payable from a specific funds i.e bank account
Pecuniary - money
Residuary - Gifts of everything left over after payment of debts and other legacies
What is a specific legacy
An existing item owned by the testator such as ‘my wedding ring’
Must belong to testator and form part of the estate
Indentified by ‘my’ prefix - not conclusive
Which case defines ‘specific legacy’
Bothamley v Sherson 1875 - ‘all my shares or stock’
Gift must be distinguishable from other assets that the testator owned
Name two other cases which relate to ‘specific legacy’
Re Gage 1934
Re Rose 1949
What is ademption of a specific legacy?
Name a case or two
A specific gift fails by ademption if the subject matter of the gift no longer forms part of the testator’s property at the date of death.
Re Clifford 1912 - shares. Change of share name not a change of substance.
Re Dorman 1994
What is an abatement of a specific legacy?
Where the estate is insufficient to pay all the liabilities
What is a ‘general legacy’?
A gift of no particular thing but something which is to be provided from the estate.
For example not ‘my car’ but ‘a car’
Direction to the PR’s to purchase from testator’s general estate
What is the interest on general legacies?
Generally 0.3% per annum from one year after the testator’s death unless the will states otherwise
The four cases where interest on a general legacy will run from death of the testator
Testator gives a legacy to a creditor in satisfaction of the debt
Where a vested legacy is charged only on real property - narrow rule
Legacy is given to an infant child of the testator the purpose being to provide maintenance for the child unless there is a specific provision in the will
Where a legacy shows an intention to provide for the maintenance of an infant beneficiary.
What is a ‘demonstrative legacy’?
‘something of a hybrid’ - Ashburner v Macguire 1786
Nature of a general gift specified out of a specific fund
What is a ‘pecuniary legacy’?
Gifts of money
What is a ‘residuary legacy’?
Name a case
The residuary legacy is what remains after the payment of all debts, liabilities, expenses and other legacies
Allhusen v Whittell 1867 - tenant for life and entitled to capital of the fund
