The Will left a property and piece of land to specific legatees with residue divided in percentages. However, there is no residue as the (modest) bank balance was agreed in the end to be owed to the deceased’s daughter. My thought therefore is that the costs of administering the estate will be borne by the specific legatees in the proportions their bequests bear to each other, rather than in the percentages which would have applied to the residue if there had been any. However, one of the beneficiaries has assumed the percentage split
Where residue and any general legacies have abated in full specific legacies will abate rateably, in proportion to their values as at the date of death.
In other words, the shortfall will be borne by the specific legatees in proportion to the probate value of their legacies.
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals