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Thanks for your question.
Yes, you are correct. The first part is a specific legacy to a specific person. The second part is the residuary estate clause - the sweeping up clause.
When a person passes away there may be an IHT burden. The Will must therefore deal with how the estate pays this burden.
The first legacy clause does not deal with the payment of IHT. The residuary estate clause does -
"to pay my debts funeral and testamentry expenses and all duty or tax payable"
This means that all IHT payable on the estate is to be paid out of the residuary estate, including the proportion attributable to the value of he gift left in the first specific legacy. The deceased's other debt shall also come out of this.
Whatever is left is to be shared between john doe and jane blogs, or which ever one of them is still alive following the death of the other.
It is important to note that the first legacy does not contain a substitution provision, which means that if the bank account is empty then john doe shall not receive anything else as substitution/replacement.
When a person's estate passes there may be an IHT burden. Each part of the
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only one thing the phraze all monies I take that to mean any bank account and isa s that my aunt may have taken out after makeing her will? so for ex ample there was 20 ,000 in her isa acount that would go to John doe and the funeral debts and all other debts would be taken from the sale of my aunts house? and whats left shared equaly between John doe and Jane bloggs, is there anyway that this could be turned about by another solicitor as my mother says the debts come from the money fost then the house also I know that my aunt had 20 , 000 in an isa acoount after her death what if it not there now?because ive not been told alot by the solicitor acting for my aunt yet and do solictitors have to have to beneficaries best intrests at all times?
thank you for this im formation very helpful so far
The first legacy includes:-
1. the savings in the abc bank
2. the ABC savings bond
3. any other cash (ie. in other accounts or held at home/elsewhere)
The above will pass without deduciton (ie. so they do not have to bear the burden of IHT or other debts) and it includes any monies which she acquired after she made the Will provided they are one of the three above.
The debts would come out of her other assets (eg. insruance policies, properties etc).
If this is not what she wants then she needs to see her solicitor about changing her Will.
Solicitors only act in accordance with the client's instructions and in their best interests, this is a conduct rule. They would not talk to you about the Will unless they had the person's written authority to do so.
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