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IN THE ESTATES OF NICKY AND LYDIA GRAY - Case Study Example
Author : wilsonbashirian
Pages 10 (2510 words)
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…
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 ...