Where the will contains 2 general legacies of different amounts and there are insufficient funds, do they abate equally or proportionally? Lexis Nexis states that ‘they are reduced in equal proportions’ which am finding confusing and now possibly overthinking.
In my case the are two legacies of £20k (a) and £50k (b) respectively and a shortfall of £10k.
Do I split this shortfall equally, ie reduce them to £15k (a) and £45k (b) or reduce them proportionally, ie £17160 (a) and £42,840 (b)
The legacies will abate proportionately – i.e. in the example, by 14.2857% each.
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals
Thank you Paul for taking the time to reply. Much appreciated