Payment of legacies Flashcards
ο»ΏHow are chattels transferred to beneficiaries?
Transfer is achieved by delivery, in return for a receipt.
How are company shares transferred to beneficiaries?
Complete a stock transfer form, send it with an office copy of the grant and the share certificate.
How is land transferred to beneficiaries?
Requires an assent in writing; the beneficiary needs to register their interest at HMLR.
Who bears the costs of transferring property?
Costs are borne by the beneficiary unless the will states otherwise.
Are beneficiaries entitled to income from gifted property?
Yes, beneficiaries are entitled to income from property arising after the deceasedβs death.
What is the usual source for pecuniary gifts?
Usually paid from the residue unless the will specifies otherwise.
How are legacies handled if estate funds are insufficient?
Legacies abate in proportion unless priority is given to any particular legacy.
Can a beneficiary ask PRs to use a specific asset for a pecuniary legacy?
Yes, a beneficiary can request PRs to use a specific asset to satisfy a pecuniary legacy (appropriation).
Can a minor give a valid receipt for a gift?
Generally, a minor cannot give a valid receipt unless the will provides otherwise.
What alternatives do PRs have if a minor cannot give a valid receipt?
- Accept a receipt from the minorβs parents
What alternatives do PRs have if a minor cannot give a valid receipt?
- Hold the property until the minor reaches 18
What alternatives do PRs have if a minor cannot give a valid receipt?
- Appoint a trustee to hold the property until age 18.
