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Succession Act

  • 19-03-2012 8:34pm
    #1
    Brother Psychosis
    Registered Users, Registered Users 2 Posts: 146 ✭✭


    Under s10, the interest in a deceased persons estate vests immediately in the executor (assuming there is one) to be held on trust for beneficiaries until probate. Is this the equitable interest only? If so, does the legal interest remain with the deceased until probate is granted?


Comments

  • #2
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,998 ✭✭✭✭Peregrinus


    Brother Psychosis wrote: »
    Under s10, the interest in a deceased persons estate vests immediately in the executor (assuming there is one) to be held on trust for beneficiaries until probate. Is this the equitable interest only? If so, does the legal interest remain with the deceased until probate is granted?
    Other way 'round.

    The beneficial interest never vests in the executor (at least, not as executor; he may of course also be a beneficiary of the estate). The executor only ever has a legal interest.

    A deceased person can have neither a legal nor a beneficial interest, being dead. On death, the legal interest vests in the executor, though the practical reality is that he will have great difficulty in dealing with it until he gets a grant of probate. The beneficial interest vests in the beneficiaries.


  • #3
    Brother Psychosis
    Registered Users, Registered Users 2 Posts: 146 ✭✭Brother Psychosis


    but the property is never registered in the name of the executor, it would logically go from the deceased to the beneficiary, meaning until probate is granted, the deceased still holds the interest?... and given that the executor holds it on trust for beneficiaries, does that not imply an equitable interest?


  • #4
    Kosseegan
    Banned (with Prison Access) Posts: 987 ✭✭✭Kosseegan


    Brother Psychosis wrote: »
    but the property is never registered in the name of the executor, it would logically go from the deceased to the beneficiary, meaning until probate is granted, the deceased still holds the interest?... and given that the executor holds it on trust for beneficiaries, does that not imply an equitable interest?

    The deceased loses his interest immediately on death. If the executor is a trustee he holds the legal interest. The beneficial interest is always held by the beneficiary. The fact of registration never converts an interest.


  • #5
    Brother Psychosis
    Registered Users, Registered Users 2 Posts: 146 ✭✭Brother Psychosis


    cheers all


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