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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?
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,
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