Commentary

I4.451 Redistribution by legatee (precatory trusts)

IHT, trusts and estates

I4.451 Redistribution by legatee (precatory trusts)

Post-death rearrangement — other provisions

I4.451 Redistribution by legatee (precatory trusts)

If a testator expresses a wish that property gifted by his Will should be transferred by the legatee to other persons, and the legatee transfers any of the property in accordance with that wish:

  1.  

    •     the transfer is not a transfer of value1, and

  2.  

    •     IHT applies as if the property transferred had been gifted by the Will to the transferee

if the transfer by the legatee is made within the period of two years after the death2.

This arrangement, where the testator's words express a non-binding desire, is often

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