Religion & Spirituality - What...
ChatterBank0 min ago
Any ideas of what the following clauses, found in a will, mean?
Clause 1: I DECLARE that my Trustees may exercise the power of appropriation conferred by section 41 of the Administration of Estates Act 1925 without obtaining any of the consents required by that Section and even though he she or they may be beneficially interested in the property appropriated
Clause 2: I DIRECT that all interest dividends and other payments in the nature of income arising from my estate and received after my death shall be treated as accruing wholly after my death and shall not be apportioned
Clause 3: I DECLARE that my Trustees may treat as income all the income from any part of my estate whatsoever the period in respect of which it shall accrue and to disregard the Apportionment Acts 1834 and 1870 and any Acts replacing them and the rules of equity relating to the apportionments including those known as the rules in Howe v Dartmouth and Allhusen v Whittell in all their branches
Clause 2: I DIRECT that all interest dividends and other payments in the nature of income arising from my estate and received after my death shall be treated as accruing wholly after my death and shall not be apportioned
Clause 3: I DECLARE that my Trustees may treat as income all the income from any part of my estate whatsoever the period in respect of which it shall accrue and to disregard the Apportionment Acts 1834 and 1870 and any Acts replacing them and the rules of equity relating to the apportionments including those known as the rules in Howe v Dartmouth and Allhusen v Whittell in all their branches
Answers
Only 1 answer
Best Answer
No best answer has yet been selected by davidk65. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
Nobody wants to answer this ! Where are all our chancery lawyers? LOL
How much detail do you want (believe me, it's tedious).All these provisions are destined to make life easier for executors,in particular where the will creates a trust or gift such as "to X for life, remainder to Y" or 'to X if he attains the age of 25" [and X does]. The first appears,particularly, to enable the executors to deal with specific bequests of money ( �1,000 say)where the residue of the estate would raise the sum easily enough but the deceased has not left enough in his bank account or in cash to pay the sum.The last is,inter alia, to avoid a whole lot of , usually petty, calculations, if, say, the will creates a trust whereby X is entitled only if he attains ,say, 25 years or a trust whereby X holds for life, then to Y and X dies in the middle of a quarter.It also means that executors can deal with annual income arising from a policy of assurance (which, curiously, the 1870 Act excluded) The middle one, likewise, seems destined to simplify life.There may well be other examples, but it's conceivable that a beneficiary of income was entitled to it only up to his death. On his death, dividends and other income from the trust of which he had been the beneficiary will still be coming in. To avoid any arguments, it's easier to treat that income as all arising after death, rather than,for example, faff about trying to work out how many days of a quarterly or annual income were before or after death, and then proceed to deal with the whole lot in accordance with whatever terms of any trust or otherwise apply.
How much detail do you want (believe me, it's tedious).All these provisions are destined to make life easier for executors,in particular where the will creates a trust or gift such as "to X for life, remainder to Y" or 'to X if he attains the age of 25" [and X does]. The first appears,particularly, to enable the executors to deal with specific bequests of money ( �1,000 say)where the residue of the estate would raise the sum easily enough but the deceased has not left enough in his bank account or in cash to pay the sum.The last is,inter alia, to avoid a whole lot of , usually petty, calculations, if, say, the will creates a trust whereby X is entitled only if he attains ,say, 25 years or a trust whereby X holds for life, then to Y and X dies in the middle of a quarter.It also means that executors can deal with annual income arising from a policy of assurance (which, curiously, the 1870 Act excluded) The middle one, likewise, seems destined to simplify life.There may well be other examples, but it's conceivable that a beneficiary of income was entitled to it only up to his death. On his death, dividends and other income from the trust of which he had been the beneficiary will still be coming in. To avoid any arguments, it's easier to treat that income as all arising after death, rather than,for example, faff about trying to work out how many days of a quarterly or annual income were before or after death, and then proceed to deal with the whole lot in accordance with whatever terms of any trust or otherwise apply.
Only 1 answer
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.