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My late uncle (Northern Ireland based) left myself and 'Beneficiary B' some farm land each in his will as specific gifts. The estate was left with a substantial debt. 'Beneficiary B' is also the residuary beneficiary. This was clearly stated in the will. The residual estate consists of a small amount of money and farm machinery, implements etc. Furthermore 'Beneficiary B' is also the executor.
My understanding is that debt should first be paid from the residual estate before specific gifts are considered. Is this correct?
many thanks
My understanding is that debt should first be paid from the residual estate before specific gifts are considered. Is this correct?
many thanks
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