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On some estates, even under an intestate, it is not clear who are the next-of-kin, and probate research may be required to find the entitled beneficiaries. An administrator (sometimes known as the administratrix, if female) acts as the personal representative of the deceased in relation to land and other property in the UK. Consequently, when ...
the executor accounts for all property subject to the duty, he must pay duty on all property that has passed to him, and; the rest of the duty must be paid by the beneficiaries and trustees concerned (except where the executor has already done so) Where the principal value of the estate: [57] exceeds £100 and does not exceed £500, 1%
Generally speaking, however, trustees owe a range of duties to their beneficiaries. If a trust document is silent, trustees must avoid any possibility of a conflict of interest, manage the trust's affairs with reasonable care and skill, and only act for purposes consistent with the trust's terms.
The executor of a will plays a very important role in the process of closing a deceased individual's estate. Although many think of executors as simply the people who inform heirs of what they've ...
The courts are willing to hear cases where the transfer was not completed, providing the intended beneficiaries or trustees have gained an interest through being made executor of the settlor's estate (the rule in Strong v Bird), or the gift was given donatio mortis causa, or where the settlor did all he could do, as in Re Rose, [21] or where it ...
all existing rules of descent (whether arising from the common law, custom, gavelkind, Borough English or otherwise) tenancy by the curtesy and any other estate a husband may have where his wife dies intestate; dower, freebench and any other estate a wife may have where her husband dies intestate
A trust may have multiple trustees, and these trustees are the legal owners of the trust's property, but have a fiduciary duty to beneficiaries and various duties, such as a duty of care and a duty to inform. [20] If trustees do not adhere to these duties, they may be removed through a legal action.
An executor is charged with overseeing the distribution of someone's assets according to the will or state inheritance laws if they die without a will. The deceased person's …
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related to: executors duties to beneficiaries uk rules