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Thomas
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Category: UK Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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I wonder if you can settle a question thats been bothering

Resolved Question:

I wonder if you can settle a question thats been bothering myself and my mother, it is two parts of a will left to myself and a cousin.the will says this exactly as follows (names changed for obvious reasons though)
I leave my savings account at the abc bank and my abc savings guarantee bond together with any cash or other monies that I may have on at the date of my death to my nephew john doe.

the second part being
I give all my property not otherwise disposed ofby this my will untomy trustees upon trust to sell the sameand hold the monies from such sale to pay my debts funeral and testamentry expenses and all duty or tax payable in respect of myestate and to hold the proceeds of sale in equal shares for my said nephew John Doe and my niece Jane bloggs or to the survivorof them.

the question being am I right in thinking that the first part of the will has to be left to john doe and the second part used to pay off my aunts debts etc and then whats left over is shared equaly between the two?

I thank you in advance for answering this question
Submitted: 3 years ago.
Category: UK Law
Expert:  Thomas replied 3 years ago.

Hi,

 

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

If this has been useful please kindly click accept so that I may be rewarded for my time. If you do not click accept your money stays with the site and I do not receive any credit for the time I have taken to answer your question.

 

I will answer your follow up questions you may have.


Kind regards,


Tom

Customer: replied 3 years ago.

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

Expert:  Thomas replied 3 years ago.

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.


I trust this clarifies, if so please click accept.


Kind regards,

 

Tom

 

Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6514
Experience: BA (Hons), PgDip, Practising Solicitor
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