Q&As

Where no funds have been collected in by the end of the executor’s year, is a pecuniary legatee still entitled to be paid interest from the end of the executor’s year or only from the date the estate is in funds, where later?

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Produced in partnership with Lynne Counsell of 9 Stone Buildings
Published on LexisPSL on 25/09/2018

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:

  • Where no funds have been collected in by the end of the executor’s year, is a pecuniary legatee still entitled to be paid interest from the end of the executor’s year or only from the date the estate is in funds, where later?
  • Administration of the estate
  • The executors’ year
  • Interest on pecuniary legacies
  • Summary

Where no funds have been collected in by the end of the executor’s year, is a pecuniary legatee still entitled to be paid interest from the end of the executor’s year or only from the date the estate is in funds, where later?

Administration of the estate

Executors are under a duty to ‘collect and get in the real and personal estate of the deceased and administer it according to law’ as per section 25 of the Administration of Estates Act 1925 (AEA 1925). See generally: Personal representatives—overview. Subject to any provisions in the Will, the estate is distributed in an order of priority. The executors are under a duty to discharge the funeral, testamentary and administration expenses and debts and liabilities of the deceased before distributing the estate in accordance with the Will.

Pecuniary legacies are paid in priority to gifts of the residuary estate. Generally, a ‘pecuniary legacy’ means a gift of a specific sum of money although the definition is wider under AEA 1925, s 55(1)(ix).

The executors’ year

The executors’ year does not mean that the executors have to administer and distribute the estate within one year. The expression refers to the fact that they are not bound to distribute the estate of the deceased before the expiration of one year

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