Wills 19 Flashcards
What is an assent?
An assent occurs when the PRs:* acknowledge that they do not require an asset for the purposes of administration and * transfer it to a beneficiary. An assent relates back to the date of death, so the beneficiary is entitled to rents and other income from that date.
What are the requirements for an assent?
An assent must be:* in writing (even if PR is the beneficiary), * be signed by the PRs, and * name the person in whose favour it is given.
What is the purpose of an assent?
The assent operates to vest the legal estate in the named person.
Is an assent required if the PRs are to continue to hold property in a different capacity as trustees under trusts arising via the will, or under intestacy law?
Yes, to formally vest the legal estate in themselves as trustees to hold for the beneficiaries.
If an assent is in relation to land, what is required if the land is unregistered?
Ensure the unregistered land is subject to first registration.
If an assent is in relation to land, what is required if the land is registered?
Two options are available to the PRs:* They can apply to be registered as the owner in place of the deceased, producing the grant when making the application, or * They can transfer the property by assent to a beneficiary who will then apply to be the registered owner, submitting a certified copy of the grant.
How can a purchaser protect themselves when buying land from a PR?
Insist on a statement in the conveyance that no previous assent has been made. This protects the purchaser unless they had notice to the contrary.
How can a purchaser protect themselves when buying land from a beneficiary?
An assent in favour of the beneficiary from PRs is sufficient evidence that the seller is the person entitled to the legal estate. This protects the purchaser unless they knew the assent was given to the wrong person.
