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Question about Will and residual legacy
seven-day-weekend
Posts: 36,755 Forumite
Myself and my husband are executors to a will and also residual legatees. The estate consists of a short-lease flat worth at the moment about £55k and some savings. There will be enough savings to pay out the other legacies.
We would like to keep the flat if we can. The wording in the will says this:
'I give and devise and bequeath all the residue of my real and personal estate of whatsoever nature and wheresoever situate (including any property over which I may have a general power of appointment or disposition by Will) to my Trustees upon trust to sell call in and convert the same into money with full power in their absolute and uncontrolled discretion to postpone such sale calling in and conversion for so long a period as they shall see fit without being responsible for loss'
Does this mean that it is up to us when, or if, we sell the property?
We would like to keep the flat if we can. The wording in the will says this:
'I give and devise and bequeath all the residue of my real and personal estate of whatsoever nature and wheresoever situate (including any property over which I may have a general power of appointment or disposition by Will) to my Trustees upon trust to sell call in and convert the same into money with full power in their absolute and uncontrolled discretion to postpone such sale calling in and conversion for so long a period as they shall see fit without being responsible for loss'
Does this mean that it is up to us when, or if, we sell the property?
(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
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Comments
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As long as you can meet the distribution to others and there is no need to have anyone agree the value of the property to obtain their legacy you can pretty much do what you like if the house falls into the residual.
You may need to consider the self dealing rules but in practice you just inherit the property without selling.
Even a will with must sell asap you can just sell to yourself.
Looks like the only party that will be interested in the value would be HMRC for any IHT and future CGT
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Thanks, this is what we thought.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0
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