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I am looking at two versions of a will and two questions have arisen:
One - I want to make sure I fully understand the implications of a particular clause in so far as it states that two certain paragraphs from different pieces of legislation/documents NOT APPLY - what implications does that have?
Two - in reviewing the two docs, I actually now think the later one has an error in it as it looks like someone has inserted an 'and' where there used to be a full stop. I have read the relevant sections of the legislation/documents and have a hunch but want to make sure I understand especially if there is indeed an error in the second version, which would imply referencing the wrong doc!
I will send the two (short) paragraph version in the next email.
Thanks for your reply.
I will await your next post.
Ok here are the two versions:
Version 1 – done first:
THE Standard Provisions of the Society of Trust and Estate Practitioners (1St Edition) shall apply with the deletion of paragraph 5. Section 11 Trusts of Land and Appointment of Trustees Act 1996 (consultation with beneficiaries) shall not apply.
Version 2 – done second:
THE Standard Provisions of the Society of Trust and Estate Practitioners (1St Edition) shall apply with the deletion of paragraph 5 and Section 11 of the Land and Appointment of Trustees Act 1996 (Consultation with Beneficiaries) shall not apply.
So do they convey the exactly the same thing and why in general do wills exclude these, to what practical purpose/consequence?
The 2 versions are saying exactly the same thing. The word "and" has just replaced the full stop.
The STEP provisions should always be mentioned in a Will and the wording used by your Solicitor is normal and correct. As you may know, the STEP provisions are those administrative powers granted to the Executors in dealing with an Estate and the reference to the provisions in a Will just makes it unnecessary to list all these provisions in a Will.
The reference to "section 11..." being excluded is required as it means the Executors can deal with any property within the Estate without consulting the benenficiaries of the property. This just makes their lives easier!
I hope this confirms your thoughts on this issue.
ok got it that version are the same and omitting Section 11 makes it easier, but why delete that paragraph 5 from the STEP?
Sorry- forgot to mention paragraph 5.
This paragraph relates to a trust for sale (ie where there is a property in the Will to be sold) and because the same provision is now in the Land and Appointment..Act provisions, paragraph 5 is not required to be mentioned or included.
Although, to be honest, there's no harm in leaving it in- it is just not now necessary to include.
Hope this helps.