However a practitioner must advise the executors to publish an advertisement in the London Gazette and in the news paper having circulation in the district where the respective assets of the deceased are situate, for any liabilities owed by them. This is a requirement under section 27(1) of the Trustee Act 1925. As per what is known as Benjamin order 1, if it is not practicable to advertise, court should be approached for an order to distribute the estate assuming that all debts have been ascertained.2 As per s 34 and schedule 1 of Administration of Estates Act, it should be ensured that all debts are paid with due diligence, formal discharge or receipts for payments should be obtained and obtain a clearance certificate for tax liability on the estate of the deceased from the Capital Taxes office, and ensure that Department of Social Services does not have any claim on the estate,3 In addition any mortgage debt should be paid after payment of funeral expenses.4 Since it has been mentioned that the Greenfield 'was left in trust for life ', it should be examined whether exemption from inheritance tax can be claimed under Trustees Act.
The gift of violin to Beatrice will be exempted from Inheritance Tax if value is below 3,000, even though the deceased Nicky Gray had not survived for 7 years from the date of gift for availing exemption from the said tax. As the value of the Nicky Gray's property is said to be 500,000 as per the offer the executors in trust have received which is in excess of the 300,000, it is subject to Inheritance tax. The value of other assets also must be added to this value to compute inheritance tax which at present is 40% of the nil rate band of 300,000 for the year 2007-2008 and 350,000 thereafter upto April 2010. The executors may liable to pay the inheritance tax within six months of the testator's death and then only apply for Probate with evidence of having paid some or all of the tax due. The executors also should apply for probate in the probate court either in Principal Registry in London or in an applicable district probate court as the case may be and obtain a probate order from the court. This is an authority conferred by the court on the executors to deal with the estate of the deceased in accordance with their Will. This will also help get access to Lydia Gray's bank account on being produced at the identified bank.
Nicky Gray's Will
Nicky's Green filed house is to be held in trust by Howard and Elaine Gray for life and then what ever is the remainder of the house will go to Alan Gray. Since Alan Gray is also one of the executors, he took the probate but is not taking any action. As Howard Gray and Elaine Gray who are ninety years old, they better appoint Administrators on their behalf to carry out the Will's administration. Subject to clarification regarding exemption from inheritance tax, it is only after the payment of inheritance tax, the court will issue grant with which the executors can deal with the property. The executors in order to pay the inheritance tax have to borrow money or meet from their own funds initially. They have to maintain an account for every beneficiary to see. They can distribute the balance amount of the estate after deducting the tax so paid and other expenses incurred and other liabilities paid if any. Under
It appears that Nicky Gray and Lydia Gray were not married and had no children. The Will left by them is subject to the provisions of Wills Act 1837, Administration of Estates Act 1925, and Inheritance (provisions for Family and Dependants) Act 1975. As per s.32 (1) of the Administration of Estates Act 1925, funeral expenses, debts and liabilities of the deceased are a first charge on their estate…
According to the paper financial planning and investment management is a compulsory activity that is recommended to all individuals. This paper will clearly explain a 10 year plan of the case presented in line with managing the investment portfolio that includes transitioning from peak earning years to near retirement. The plan will be inclusive of the stages involved in planning and the minimum level needed for funding after the retirement.
More specifically, in the case of R v Panel on Takeovers and Mergers, ex p Datafin  1 All ER 564, the Court of Appeal was faced with a dilemma of deciding whether it was the source of the powers of the organization which was the crucial factor or the nature of the body itself and the public consequences of its decisions.
The detailed changes to the working of the 1954 Act taken effect from 1 June 2004, as do accompanying changes to the statutory notices and changes to the Civil Procedure Rules. The 1954 Act broadly gives business tenants security of tenure. The landlord may oppose renewal on limited, specific grounds set out in the 1954 Act.
Pre-February 2006, Hilton Hotels Corp. had run Hilton hotels in the USA, plus other hotels in the US & globally. In February 2006, Hilton Hotels Corp. bought all of Hilton Group's Hilton hotel operations outside the US. Hilton Hotels Corporation is the top international hospitality company, with more than 3,000 hotels in 76 countries and territories worldwide.
The paper tells that the 2006 revenue of The Gray Rider Real Estate Company has been approximately $ 5.9 billion and has over 30,000 people employed worldwide. The Company has an excellent record in creating shareholder value by providing value-added engineering, construction and service skills to customers for whom infrastructure quality, efficiency, and reliability are critical.
This publication is clearly in line with UK's Sustainable Procurement Action Plan formulated in 2007.
For a long period of time, the Birmingham City Council has recognised the need to construct more housing facilities with an aim of addressing acute and growing shortages within the city.
Reducing its prices by 25% did not help HKL get a competitive advantage. The company was loosing its existing tenants and could not get new ones. One good example is Mandatory Provident fund Authority (MPFA) which occupied 30% of Landmark, one of HKL's buildings.
Patrice wants to know what will happen to her assets in the event of her death if she does not make a Will. The home they share is currently worth 250k and there is mortgage of 120k. It is owned by Patrice and Joel as tenants in common.
N.B: This first question is more about Succession: Wills Act 1837 and validity of the same, probate practice, obtain a grant, oaths and Intestacy under Intestacy Rules (Administration of Estates Act 1925) and Inheritance(Provision for Families and Dependants)Act 1975.
Movable property relates to personal property, while immovable property talks about real estate or real property, together with the associated rights and obligations intrinsic to it.
This philosophy of property underlies all property law. Historically, in some areas, property was owned by the monarch and it devolved through feudal land tenure or other feudal systems of loyalty and fealty.