Assets subject to Debt
Sect 70 of the Probate and Administration Act 1959 Charges on property of deceased are to be paid out of the property charged. A gift of property passes the property subject to the charge to which it is liable unless a contrary intention is in the will. Contrary intention here means the testator can specifically provide that the said liability be satisfied out of a specified fund. Property includes a thing in action and any interest in movable or immovable property.
The person entitled to the charge however is entitled to obtain payment or satisfaction either from the other assets of the deceased or otherwise.
This preview is an excerpt from the following publication. this publication for access to all the commentary and precedents.
Wills - Step by Step Guide & Precedents
by By Lawyers For Lawyers author - C M Teng
Overview
This Wills Step-by-Step Legal Practice Guide and Precedents contains precedent wills and guidance for the following three situations:
- for a single testator
- for spouse to spouse, and then children; and
- using schedules for use in blended family and other more complex situations
As with all Step-by-Step Guides this guide takes you sequentially through a Wills matter from getting the matter underway and taking instructions, right through to finalisation.
A wide range of issues are discussed including testamentary capacity, revocation, executors, and estate duty. This guide includes a Library of Provisions.