Q&As

Where two individuals A and B are executors and residuary beneficiaries of an estate (entitled to share the estate equally), what options are available and what formalities should be followed if A wishes to receive the real property in the estate outright and B would be happy to receive a cash lump sum in relation to their entitlement?

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Published by a ÑÇÖÞÉ«ÇéÍø Private Client expert
Published on: 31 August 2023
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It is not clear from the question whether the net distributable estate is sufficient to be divided in two with the real property falling neatly in one half or not.

If it is, then it will ordinarily be a simple matter for the executors to appropriate the property to A and then distribute the rest of the estate accordingly such that B receives assets (liquidated as required) up to the same value with the final residue divided equally between them. The Will should be reviewed to see if the executors' common law and statutory power of appropriation under section 41 of the Administration of Estates Act 1925 has been extended or amended. See Practice Note: Personal representatives and trustees—power of appropriation.

However,

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