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understanding legal jargon

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  • understanding legal jargon

    Hi, I'm hoping someone can help me with understanding the legal jargon with regard to how the estate is to be distributed. I will change any names and addresses.

    Para 3 Executors I appoint my son Alan Coburn of 7 Baker St and my daughter Julie Coburn of 77 Baker St to be the executor and trustee of this will and I declare that the expression "my trustees" in this will shall (where the context so permits) include the trustees or trustee for the time being of this will whether original additional or substituted...

    Para 4 Pecuniary legacies I give free of tax or duty in respect of my death the sum of 30,000 to my said daughter Julie Coburn

    Para 5 Residue I give all of my property both movable and immovable of whatever nature and wherever situated except property otherwise disposed of by this will or by any codicil to it to my trustees:
    Para 5.1 With power at their discretion to sell all or any part or parts of such property when they think fit and to invest the proceeds in any investments hereby authorised and with power from time to time to vary investments for others of an authorised nature...
    Para 5.1.2 To pay all debts, funeral and testamentary expenses legacies and tax and...
    Para 5.1.3 To hold the remainder and the income of it ("my residuary estate") for my said son Alan Coburn if he shall survive me absolutely PROVIDED that if he die in my lifetime then my residuary estate shall be held for my said daughter Julie Coburn absolutely
    Para 6 Administrative provisions The standard provisions of the society of trust and estate practitioners shall apply to this will with the deletion of paragraph 5 of those provisions and sections 11,19 & 20 of the trusts of land and appointment of trustees act 1996 shall not apply to this will.

    I do hope it is okay to post this and ask the question, we really don't understand how this interprets into "proper english" .... Thank you for reading and in anticipation of any replies
    Tags: None

  • #2
    Very basically it means that the executors have to pay all debts, funeral and testamentary expenses and any IHT.
    They then have to pay specific legacies eg 30000 to Julie
    Whatever is left is the residuary estate which goes to Alan, if he survived his father.
    If Alan predeceased his father the residuary estate passes to Julie

    The people appointed as executors have also been appointed trustees by the will.
    This enables them to deal with the estate as they see fit.

    The para referencing the Soc, of Trust and Estate Practitioners is the standard way of providing executors with technical and routine provisions they need to administer the estate properly. If you want to read them the provisions are available here; STEP Standard Provisions | STEP

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    • #3
      Thank you very much for clarifying that for us Des8. Incidentally, if I may mention it here, you also helped me with some advice with a TPO tree, the matter is still ongoing and I will post the full details in the original thread when the tree is sorted

      Comment

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