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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%
However, if no will is left, or the will is invalid or incomplete in some way, then administrators must be appointed. They perform a similar role to the executor of a will but, where there are no instructions in a will, the administrators must distribute the estate of the deceased according to the rules laid down by statute and the common trust.
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.
A will includes the appointment of an executor or executors. One of their duties is to apply to the Probate Division of the High Court for a grant of probate. [27] [28] An executor can apply to a local probate registry for a grant themselves but most people use a probate practitioner such as a solicitor. If an estate is small, some banks and ...
Order in Council under the Government of Ireland Act, 1920 fixing Appointed Day for certain provisions relating to the Supreme and Appeal Courts, Judges and Offices (SR&O 1921/1527) Regulations under the Riot (Damages) Act 1886, as to claims for compensation. (SR&O 1921/1536) Celluloid (Manufacture etc.) Regulations 1921 (SR&O 1921/1825)
The modern approach in trust law is consistent with the UK company law duty of directors to pay regard to all stakeholders, not merely shareholders, in a company's management. [236] Trustees must simply invest according to general principles of the duty of care, and diversification. [237]
Statutory rules and orders began with the Rules Publication Act 1893. Prior to that act there had been no consistent way of publishing orders, regulations or other delegated legislation made by the government. In Great Britain they were replaced by statutory instruments in 1948 following the passing of the Statutory Instruments Act 1946.