Specific gifts paid in cash

[Bazman76]

Hi there,

Can the beneficiary of a specific gift paid in cash postpone payment, in whole or in part, while maintaining their right to be paid, on the basis that the estate assets will produce sufficient funds to pay them at a later date?

Thanks

Baz

[PallasAthena]

Is this an insolvent estate (in England)?

[Bazman76]

The Will is currently being drawn up and will be in England, (although most of the assets are in Scotland), the estate is solvent in that there are more assets than liabilities but most of the assets are in land and buildings, which are generating rents, but right now there are much fewer liquid assets.

The residue of the estate is split equally between the beneficiaries,

There are two situations:

The beneficiaries have loaned money to the testator, but there are large differences in the amounts loaned so the testator wants to ensure they get their share before the rest of the estate is split equally. They have put on the Will as Specific cash gifts paid free of inheritance tax, in this situation is this just the same as a debt on the estate?

The other situation is that there is a large bill in the names of the testator and one of their beneficiary's who is also an executor. The testator wants to ensure that there are sufficient finds to cover the executor/beneficiary's share of the bill. Is putting this on as a cash legacy, free of inheritance tax, the best way to reflect the testator's intent?

Obviously we won't know the shape of the estate until the testator passes but the testator wants to ensure that the correct people get the payments as detailed above but also ensuring that the estate remains solvent, hence flexibility in the timing of the payment whilst maintaining the right to be would be helpful. Is the methods above the best way to do this?