The following Wills & Probate Q&A Produced in partnership with Lynne Counsell of 9 Stone Buildings provides comprehensive and up to date legal information covering:
A pecuniary legacy is defined in section 55(ix) of the Administration of Estates Act 1925 (AEA 1925). It can include an annuity and other specified types of legacy, but is usually ‘a general direction by a testator for the payment of money’ within the meaning of AEA 1925, s 55(ix).
There are very specific statutory and equitable rules regarding the payment of pecuniary legacies. See Practice Note: Payment of legacies. Subject to any provisions contained in the Will, a fund is retained from the deceased’s estate (if solvent) to pay pecuniary legacies in accordance with the statutory order of the application of assets under AEA 1925, s 34 and Sch 1, Pt II. The fund is set aside after the payment of such funeral, testamentary and administration expenses, debts and liabilities as are properly payable from the estate prior to the payment of the pecuniary l
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Express and implied contractual terms distinguishedContractual terms may be either express or implied:•express terms—are terms which are actually recorded in a written contract or openly expressed in an oral contract at the time the contract is made (or there may be a combination of written and oral
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