Is it possible to appropriate a property to residuary beneficiaries (or a share of it) when part of proceeds are needed to pay IHT and pecuniary legacies?
The estate consists of two properties but very little cash. Not enough to cover the tax and legacies under the Will. The two residuary beneficiaries wish to have one of (or both) the properties appropriated as they have both gone up in value since the date of death.
Part of the proceeds of sale of one of the properties will be needed to pay the IHT and pecuniary legacies. Is it possible to appropriate property subject to the IHT and legacies or even appropriate that part which I know will be available for distribution after the deduction of these costs? If the executors appropriate part then presumably there will be 3 CGT allowances to use: one for each of the beneficiaries and one for the executors?
Phoenix Legal Group