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:
Executors are under a duty to collect and get in the real and personal estate of the deceased and administer it according to law (section 25 of the Administration of Estates Act 1925 (AEA 1925)). In carrying out these duties, an executor must act with due diligence: see Re Tankard. Executors are also under the duty to exercise reasonable care and skill in accordance with section 1 of the Trustee Act 2000. See: Personal representatives—overview.
These duties of the executor are of a fiduciary nature. The executor must act in good faith and cannot put themselves in a position whereby there is a conflict of interest between their interests and those of the estate: Broughton v Broughton. The question raises a potential conflict of interest as the executor is also a beneficiary. See Practice
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This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged financings. TLBs are an established feature in the US market and increasingly used in the European lending market for institutional investors.This
The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive disclosures under Part 7 of the Proceeds of Crime Act 2002 (POCA 2002) or Part III of the Terrorism Act 2000 (TA 2000)—see Requirement to appoint a
What is a third party debt order (TPDO)?Third party debt orders were previously known as 'garnishee' orders and operated under the regime provided for in CCR Ord 30 and RSC Ord 49 (now revoked). Although the rules in CPR 72 are new, many of the principles with which they are concerned are well
A declaratory judgment is a judgment identifying the rights, duties or obligations of one or more parties in a dispute. It is legally binding, but does not order any action by a party. A court may issue it alone or in conjunction with some other relief such as an injunction and can be granted on an
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