Can you appropriate a property by an Assent?

Trusts Discussion
1

Where residuary beneficiaries request the transfer of a property to them in partial satisfaction of their share of residue, is that effected by way of an Assent , or must the PRs execute a transfer?

John Brewins
Hennings Solicitors

1 Like
2

John, what conclusion did you come to on this? My understanding is that an Assent is similar to a Transfer, but only to be used in limited circumstances.

  1. only from deceased’s name to the beneficiary(ies)
  2. no consideration can be invovled. So if one beneficiary is buying another out, then you cant use an Assent.It would have to be a TR1.

Hope that helps. I’m sure if I’ve missed something, someone will add to it.

Thanks

3

Hello,

Agree *

If the PR needs to transfer property from the deceased to (y) you use AS1.

If the PR assents to (y) and (x) - x,y would typically perform any (buy-out) post the AS1 being filed. (The PR would be restricted to the wills wishes and not any post death arrangement). Not always the case, perhaps the cleanest way of execution.

A TR1 requires ID and signature from the transferor (by default cannot be executed as they are deceased).

TR1 and AS1 - are both whole transfers of title.

Richard C. Bishop