The following Wills & Probate practice note provides comprehensive and up to date legal information covering:
Personal representatives (PRs) can transfer assets to beneficiaries in any way appropriate for the lifetime transfer of such property.
There is an alternative method of transfer that is only available to PRs: the assent.
An assent is an indication by the PRs that they do not require an asset for administration purposes and that, that property may pass to the beneficiary entitled under the testator's Will.
No formality is required for an assent of pure personalty. It may be:
implied from conduct
The effect of an assent is to activate the gift of the property to the beneficiary. Further formalities to transfer the legal title in the property to the beneficiary must also be complied with.
Once the PRs have effectively assented, they hold the property concerned on trust to carry out these further requirements.
The legal title to stocks, shares, unit trust units and local authority securities must be transferred to the beneficiary by stock transfer forms:
signed by the PRs and
using a separate form for each holding
If the form is appropriately certified on the reverse side, no stamp duty will be payable.
Before submitting the registration form the PRs must enquire whether the beneficiary wishes the dividends or interest to be paid direct into their bank account. If yes, prepare the appropriate dividend mandate form, either:
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