This extended example illustrates the points made in I10.112 and I10.116.
Example
D died on 1 February 2024. The terms of her Will were as follows:
- Ìý
–ÌýÌýÌýÌý I and J to be her executrices
- Ìý
–ÌýÌýÌýÌý pecuniary legacies of £30,000 and £40,000 free of tax to M and N respectively
- Ìý
–ÌýÌýÌýÌý £100,000 free of tax to be held in trust during P's lifetime, the income to be distributed equally to P, Q and R
- Ìý
–ÌýÌýÌýÌý the residue to be held on discretionary trusts
A payment of capital of £50,000 was made to S, a beneficiary of the discretionary settlement, shortly after D's death.
In
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