I am dealing with an estate which has a number of beneficiaries; some of which are charities and some of which are non-charities.
The executors are selling the property but there is currently a bidding war so no agreed sale price. There will be a substantial increase in the probate value therefore, we are going to appropriate the property to the beneficiaries before selling.
The Will includes the STEP Provisions (1st edition). It is my understanding that we can appropriate without obtaining the consent of the beneficiaries. Can anyone confirm this is correct?
I understand that the value for the purposes of the appropriation shall be the value at the date of the appropriation and not the date of death value (as would have been the case if the 2nd edition STEP Provisions had applied. Can anyone confirm that is correct?
Finally, as the sale price is yet to be agreed, can anyone confirm whether we have to include the sale price in the Deed of Appropriation or whether we can appropriate by referring to the sale price set in the contract and in accordance with the shares set out in the Will rather than including specific figures.