With regard to the last paragraph of Patrick’s observations, I can see no reason why executors should not be able to appropriate the portfolio of investments to the charity before probate has been obtained. I accept that the portfolio managers will not be able to accept instructions from the charity (or the executors) before probate is registered with them. However, appropriation is merely dealing with the beneficial interest, not the legal interest. The portfolio managers need not even be aware of the appropriation, mindful that their mandate should have terminated in any event upon being advised of the death of their client.
Mindful of the significant size of the intended appropriation, the executors should be aware that it will give rise to an unequal disy=tribution between the beneficiaries and that they will need to make appropriate adjustments between the beneficiaries.
Paul Saunders FCIB TEP
Independent Trust Consultant
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