Payment of Legacies

Question 1

How should a PR vest a gift of chattels to a beneficiary (2 ways)?

Answer 1

1. By delivery in return for a receipt
2. Deed

Question 2

How should a PR vest a gift of company shares to a beneficiary?

Answer 2

Stock transfer form

Question 3

How should a PR vest a gift of land to a beneficiary?

Answer 3

An assent in writing, and B must register their interest at HMLR

Question 4

Who are the costs of transfer of a gift born by?

Answer 4

The beneficiary (unless the will states otherwise)

Question 5

What happens when an estate funds/assets are not sufficient to pay legacies in full?

Answer 5

The legacies abate in proportion (unless a priority is given to a particular legacy)

Question 6

When a beneficiary asks the PRs to use a particular asset to satisfy a pecuniary legacy, this is known as…

Answer 6

appropriation

Question 7

What can a PR do if a minor cannot give a valid receipt of a gift (3 options)?

Answer 7

1. Accept receipt from M’s parents
2. Hold the property until M reaches 18
3. Appoint a trustee to receive and hold the property until M reaches 18