Q&As

If a Will leaves a legacy of the net proceeds of sale of a car, how should the net proceeds of sale be calculated? Can the cost of MOT, short term insurance, new battery, new number plates, cost of removing personalised number plates (which are gifted separately), and cost of sale advert be deducted from proceeds of sale to get net proceeds of sale?

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Produced in partnership with Helen Galley of XXIV Old Buildings
Published on: 03 November 2016
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It is assumed for the purposes of this response that the testator had not sold the car prior to his death and that it is proposed to be sold by the executors of the testator.

A gift of proceeds of sale

The gift of the proceeds of sale of a specific asset is a specific gift. As the car remains unsold, the first thing to note is that it would be open to the beneficiary to say that he would prefer to take the car itself.

In that event the executors could transfer it to him, having first removed the personalised number plates which are gifted to a third party. If that were done,

Helen Galley
Helen Galley

Helen has built up a reputation as a well-respected commercial Chancery practitioner with an emphasis on property and trusts related issues. She has built up extensive and wide ranging expertise in both non contentious and contentious property matters ranging from small scale cases to multi-million pound developments. Helen has also acted in a wide range of commercial and business disputes in areas as diverse as travel, hire purchase, the media, entertainment, IPR, IT and e-commerce. Contentious and non-contentious trusts matters, both on and offshore, are a regular feature of her caseload. Helen is a member of STEP, ACTAPS, the Property Bar Association, the Chancery Bar Association and IAL as well as an accredited mediator. Helen is recommended as “a first-rate advocate” in Legal 500 2015 for private client (trusts and probate), partnership and professional negligence. She is said to be “consistently able to provide excellent advice in a charming and friendly style” and is “responsive, hugely supportive and extremely user-friendly”.

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Jurisdiction(s):
United Kingdom
Key definition:
Legacy definition
What does Legacy mean?

The nuclear legacy is represented by: (a) the nuclear sites and facilities operated by UKAEA and bnfl which were developed between the 1940s and the 1960s, including the wastes, materials and spent fuels they produced; and (b) the magnox fleet of nuclear power stations designed and built in the 1960s and 1970s and operated on the Government’s behalf by BNFL, and the plant and facilities at Sellafield used for the reprocessing of Magnox fuel as well as all associated wastes and materials.

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