Section 55 of the 1965 Succession Act...

HellFireClub

http://www.irishstatutebook.ie/1965/en/act/pub/0027/sec0055.html#sec55

Just wondering could someone maybe explain what the general provisions of this section of the 1965 Succession Act are, and maybe why, or under what circumstances, might a reference be made to this piece of legislation in a will?

HellFireClub

Could anyone give me a quick overview of the provisions of this bit of legislation?

littlemac1980

Its a statutory Power that the Executor(s) have, i.e. the Power of Appropriation.

It allows the Executor(s) to appropriate any part of the estate (though not a part that would prejudice a specific bequest, except under Section 56) in or toward satisfaction, of a particular share of the estate - essentially allowing the Executors to determine the best way to satisfy general bequests.

The Statute requires that Notices be given, and Consent received from each of the beneficiaries under the will.

The reason it would likely be mentioned in the will, is a situation where the testator has directed that the requirements for notices and consent should not apply. Thats a common enough provision to include, as in the absence of such, exercising the power of appropriation can be practically very difficult, particularly where there might be one or more disgruntled beneficiaries.

HellFireClub

littlemac1980 wrote: »

Its a statutory Power that the Executor(s) have, i.e. the Power of Appropriation.

It allows the Executor(s) to appropriate any part of the estate (though not a part that would prejudice a specific bequest, except under Section 56) in or toward satisfaction, of a particular share of the estate - essentially allowing the Executors to determine the best way to satisfy general bequests.

The Statute requires that Notices be given, and Consent received from each of the beneficiaries under the will.

The reason it would likely be mentioned in the will, is a situation where the testator has directed that the requirements for notices and consent should not apply. Thats a common enough provision to include, as in the absence of such, exercising the power of appropriation can be practically very difficult, particularly where there might be one or more disgruntled beneficiaries.

Thanks for that, can I ask if the requirement to notify and seek consent from any other beneficaries, an absolute requirement, or can this be dispensed with under certain circumstances, within the will?