benjenbav
Well-Known Member
Despite death being a fairly binary state (you are or you aren’t) it does lead to quite a few ‘what ifs’.
#2 covers a common situation where the deceased’s affairs were all in order. But it might be useful to recap some common possibilities in the law of England and Wales.
Where the deceased’s has left a (valid) will, the named executors will take charge of the estate’s assets and liabilities with power to deal with same. Any debts at death will be paid out of the estate - boatyard bills included. Liabilities of the estate will also include ongoing boatyard bills until the boat is sold/removed and the relevant contract ended. Net assets will be realised or distributed in specie.
Beneficiaries can decline to accept a gift from the will. If they do, it will fall into the residuary estate. So where everything goes to the spouse, this won’t get very far.
Where there is no valid will or no will at all, the deceased’s estate passes into intestacy. Letters of administration are taken out with the Probate Registry which appoint one or more Administrator.
There is a distinction between executors and administrators in that an executor’s authority begins at the moment of death (albeit no-one is likely to treat with them until the position is ratified by a grant of probate and, indeed, certain classes of asset require production of a grant of probate). An administrator only has power to act from the grant of letters of administration.
Once appointed, the administrator will do much the same as an executor in terms of managing the estate’s assets but will distribute the net assets in the relevant statutory order - currently all will go to the spouse if the net value of the estate is up to £322,000. Distributed differently for larger estates where there are children (of whatever age) of the deceased (including adopted but not step children) or other descendants or relatives.
Again, a beneficiary can decline to accept a gift and the consequences are as outlined above.
If there in no-one who can accept any gift from the estate, the estate passes to the Crown. This is usually known as bona vacantia. There are complex rules around BV which allow the Crown to disclaim onerous property - generally worthless and unsaleable items.
#2 covers a common situation where the deceased’s affairs were all in order. But it might be useful to recap some common possibilities in the law of England and Wales.
Where the deceased’s has left a (valid) will, the named executors will take charge of the estate’s assets and liabilities with power to deal with same. Any debts at death will be paid out of the estate - boatyard bills included. Liabilities of the estate will also include ongoing boatyard bills until the boat is sold/removed and the relevant contract ended. Net assets will be realised or distributed in specie.
Beneficiaries can decline to accept a gift from the will. If they do, it will fall into the residuary estate. So where everything goes to the spouse, this won’t get very far.
Where there is no valid will or no will at all, the deceased’s estate passes into intestacy. Letters of administration are taken out with the Probate Registry which appoint one or more Administrator.
There is a distinction between executors and administrators in that an executor’s authority begins at the moment of death (albeit no-one is likely to treat with them until the position is ratified by a grant of probate and, indeed, certain classes of asset require production of a grant of probate). An administrator only has power to act from the grant of letters of administration.
Once appointed, the administrator will do much the same as an executor in terms of managing the estate’s assets but will distribute the net assets in the relevant statutory order - currently all will go to the spouse if the net value of the estate is up to £322,000. Distributed differently for larger estates where there are children (of whatever age) of the deceased (including adopted but not step children) or other descendants or relatives.
Again, a beneficiary can decline to accept a gift and the consequences are as outlined above.
If there in no-one who can accept any gift from the estate, the estate passes to the Crown. This is usually known as bona vacantia. There are complex rules around BV which allow the Crown to disclaim onerous property - generally worthless and unsaleable items.
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