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Providing for a specific gift

Text Question: Please ask your Legal Expert what should the correct procedure be in case where a Will stipulates that named individuals are to be given a specified sum of money but there does not appear to be a fund / bank account set aside to grant that request. The person who made the Will had done so through a Solicitor. Would the Solicitor have advised them how to provide for this final request? In this case the named Executor did not carry out any of their duties and another family member who inherited the land felt a moral obligation to pay the specified amounts – would this be normal? Thanks in advance for dealing with this query.

A Solicitor wouldn’t necessarily have advised him how to provide for a final bequest because giving specific details of a bank account in a will can hamper the ordinary financial management of the day to day running of the Testator.  Usually bequests like this are paid out of the Estate before the final gifts – called the residue - which states in simple terms “I GIVE DEVISE, BEQUEATH AND APPOINT all of the rest residue and remainder of my estate to……. “ (a named person(s).

 

If there is not enough money in the estate to pay for the specifics bequests (and specific gifts and bequests usually are a priority) then those who inherit the residue have a choice – either to sell the assets in the residue and take the balance in cash or alternatively pay for the bequests themselves and take the residue without their being sold. It looks like the latter happened in this case and it seems to me to be correct.

 

If you want more information about Wills and Estates, please check out the other answers given on www. radiosolicitor.ie or click here for links to previous NewsTalk answers and items from other sources on the subject.

The issues raised in the answer to this NewsTalk listener's question are dealt with in a general way as can only be the case on live radio. Before relying on the advice given in this answer, whether you heard the broadcast or are for the first time reading the issues here please do not rely on the broad advice given. For a detailed professional opinion please consult a qualified legal advisor and for further details read our disclaimer on the Home Page.

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