I need to discover the priority of pay out of cash v specific legacies. The dilemma is do I pay the specific legacies first, and then if there is not enough cash to pay the cash legacies in full, do I pay them pro rata. OR do I sell specific legacies to meet the cash legacies first
Specific legacy v Cash Legacy
Collapse
Loading...
X
-
The answer to your conundrum lies in the wording of the will.
However specific legacies applies to individual items left to a beneficiary
Pecuniary legacies applies to specific sums of money left to individuals.
If the estate is not sufficient to cover the total of pecuniary legacies, each should be reduced in proportion to the others (k/a abatement)
View our Terms and Conditions
LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.
If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.
If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
Announcement
Collapse
No announcement yet.
Court Claim ?
Guides and LettersSHORTCUTS
Pre-Action Letters
First Steps
Check dates
Income/Expenditure
Acknowledge Claim
CCA Request
CPR 31.14 Request
Subject Access Request Letter
Example Defence
Set Aside Application
Witness Statements
Directions Questionnaire
Statute Barred Letter
Voluntary Termination: Letter Templates
A guide to voluntary termination: Your rights
Loading...
Loading...
Comment