I am dealing with the administration of an estate where the deceased was a Name, having ceased trading in the 1990s.
Lloyd’s pointed out in response to my enquiry that the estate can never be 100% free of the contingent liability and that the best advice is that a Yorke Order might be obtained to permit the executors to distribute the estate.
All of that I accept but my question is this: in the present case the executors are also the residuary beneficiaries. What purpose will a Yorke order serve in permitting them to distribute the estate to themselves, and I suppose more to the point are they any better protected by distributing with a Yorke order than without?
It might also be useful to hear from members what their thoughts are in terms of cost/benefit to the estate, particularly in a case like this.
Thank you in advance.