UK Wills Payment of Pecuniary legacies.

Wackyracers

In the UK with pecuniary legacies is the order of names in the will important. We have "I bequeath Tom 10000. I Bequeath !!!!!! and Harry £20000 each" . Until the house is sold we only only have £20000 available. Should we settle Tom in full and divide the rest between !!!!!! and Harry or should we pro-rata the total between all 3 beneficiaries.

SiliconChip

I can't comment on the legal position but in a sililar situation I treated all beneficiaries the same way and when I made an interim payment I pro-rata'd the amounts going to each in the way you suggest, so in your case £4000 to Tom and £8000 each to Richard and Harry.

Keep_pedalling

I would only distribute those bequests when I have sufficient assets to pay them all in full. The order they are listed in has no relevance and I would be holding back the money you do have to cover any unexpected estate expenses. 

Robin9

SiliconChip said:

I can't comment on the legal position but in a sililar situation I treated all beneficiaries the same way and when I made an interim payment I pro-rata'd the amounts going to each in the way you suggest, so in your case £4000 to Tom and £8000 each to Richard and Harry.

I wouldn't go that far -  in doing so you will have fully committed the full £20k you have available.   £20k is nothing should you have any problems with property and/or it takes a long time to sell.  

user1977

Which bit of the UK might be relevant given there are three separate jurisdictions as far as Wills are concerned - but I would expect the normal principle to be that they get it pro rata. Though I'm not sure how "legal" that is for interim payments and whether anybody is actually entitled to demand a particular proportion.

Marcon

Wackyracers said:

In the UK with pecuniary legacies is the order of names in the will important. We have "I bequeath Tom 10000. I Bequeath !!!!!! and Harry £20000 each" . Until the house is sold we only only have £20000 available. Should we settle Tom in full and divide the rest between !!!!!! and Harry or should we pro-rata the total between all 3 beneficiaries.

Only if the will specifies that payments should be made in a particular order.

Waiting until the house has been sold would seem the safest route and you can then settle all the legacies in full.

Linton

As I understand it the executor must treat all legacies of the same type in the same way. The order of the bequests  in the will is irrelevent. The order of legacy typesafter debts and expenses have been paid is:

A) Specific : a named object or the contents of a named account
B\) Pecuniary legacy: Specific sum of cash.
C) Residual legacy: % of what is left

So specific legacies are paid out first.  If the item bequeathed was not in the estate at death the legacy fails 

Then the Pecuniary legacies are distributed.  Estate assets can be sold to ensure the sums can be paid.  If there still is not enough money pecuniary beneficiaries get the same % of their lump sum from the cash that can be raised.

Finally the residual beneficiaries get their due % of what is left.

lostandconfused1974

I’ve been left a pecuniary legacy tax free from my late partner, probate has been granted, how soon should I expect to receive the payment and can anything be deducted from the amount bequeathed?

RAS

You really need a new thread not a comment on a year old thread.

But the answer is how long is a piece for string? Probate maybe granted but there could be debts to be settled, assets to sell and if the executors are solicitors, they'll wait 6 months for creditors or other beneficiaries.