A simple bequest of an annuity1, followed by a direction to trustees to purchase an annuity or a direction to purchase standing alone is, in effect, a gift of the value of the annuity2. The annuitant thus has a right to claim in cash the price to be paid for the annuity, and, if he dies before the purchase, his representatives have a similar right, even where his death occurs immediately after that of the testator3.
If the annuitant elects to take the cash value, convention is that the capital value should be calculated by reference to government tables4 and
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234