LEGACIES, &c.-continued. Duty per cent. £ s. The same to a brother or sister of a grandfather or The same to any person in any other degree of col- And where any legatee shall take two or more dis- 60 10 0 The whole of the Acts of Parliament relating to the legacy duties being now abstracted and explained, it is necessary to show the mode of rendering a residuary account, and to give directions respecting such accounts in several varieties of cases. RESIDUARY BEQUEST. And as to all the rest, residue, and remainder of my personal estate and effects whatsoever and wheresoever, after payment of my debts, legacies, and funeral and testamentary expenses, I give and bequeath the same, in equal shares and proportions, to my wife, Jane Manners, and my two sons, M Richard Manners and Edward Manners, whom I also hereby nominate and appoint executors of this my last will and testament. Dated the 27th June, 1825. It is of the greatest importance to observe that it was determined by the Court of Exchequer, in Trinity Term, 1810, in the case of the Attorney-General v. Lord George Henry Cavendish, that an account must be rendered to the commissioners of stamps, before an executor or administrator can legally retain or convert to his own use any part of the residuary effects, bequeathed or devolving to himself; and that the duty must be charged upon the amount or value of the property as it stands, with its accumulations, at the time of the account's being delivered, and not at the time of the death of the testator or intestate. Therefore, in rendering an account of the residue, all investments of any part of the deceased's personal estate, together with all rents of leasehold estates, and all dividends interest, and profits, arising from the other personal estate of the deceased, subsequent to the time of his death, and all accumulations thereof, down to the time of the executor's or administrator's delivering the account and offering to pay the duty thereon, must be considered as part of the deceased's personal estate, and must be accounted for accordingly. Consequently, Richard Manners and Edward Manners, the executors, and two of the residuary legatees in the foregoing will, must transmit to the commissioners, before they retain their respective shares of the residue, an account of all monies received, and paid out of the personal estate, from the time of the testator's death, and of the effects constituting the residue thereof, according to the above rule, and agreeably to the form, in order that the duty may be assessed on the amount or value of such residue. Executors and administrators entitled to the residue of a personal estate, are entitled, in the due course of administration, to retain the same to their own use when they have paid all the debts, legacies, and funeral and testamentary expenses of the deceased. But it will often happen, that executors and administrators will have a considerable pro perty in hand, when only a few debts or legacies remain to be paid, which, from particular circumstances, cannot be paid immediately, and will be desirous of retaining and applying to their own use, as residue, so much of the personal estate as shall not be necessary to be kept for the payment of such debts and legacies. In such cases, executors and administrators may deliver in their account of the deceased's personal estate, down to that period, according to the above rule, stating therein, that they intend to retain a certain portion of it, as executors or administrators, for payment of the outstanding debts and legacies, and the residue to their own use, as executors, residuary legatees, or next of kin, upon which the duty will be assessed immediately. The property to be reserved for payment of the outstanding debts and legacies, will continue to be the personal estate of the deceased until fully administered according to law, and must be subsequently accounted for as such, together with all interest, profits, and accumulations, which shall arise therefrom, as soon as circumstances will permit. The printed form is intended to apply to the great majority of cases, and will be found well adapted for that purpose. But if in any case there shall not be found room enough for a statement of the full particulars of any part of the property, the executor or administrator must make such statement on a separate paper, and enter the total amount or value only in the printed form. The following will be the account of the estate of Robert Manners, adapted to the several bequests which have been before given to illustrate the several acts. RESIDUARY ACCOUNT-STAMPS AND TAXES. No. 3. FORM of Account to be delivered (in duplicate) by executors and administrators retaining the residue, or any part or share of the residue, of personal estate; and by executors and trustees retaining the residue, or part of residue, of monies arising from real estate, devised to be sold, &c., for the purpose of having the duties charged and assessed, pursuant to the Acts of 36th Geo. III. c. 52, and 45th Geo. III. c. 28, and 55th Geo. III. c. 184. DIRECTIONS. 1. Executors and administrators, before the retainer of any part of the property to their own use, are to deliver the particulars thereof to the commissioners of stamps and taxes, or to the stamp distributor in whose district they reside, and pay the duty thereon within fourteen days after, under the penalty of treble the value of the duty. 2. All rents, dividends, interests, and profits arising from the personal estate of the deceased, or his real estate, directed to be sold, subsequent to the time of his or her death, and all accumulations thereof, down to the time of delivering the account, and offering to pay the duty on the residue, must be considered as part of the deceased's estate, and must be accounted for accordingly. 3. Any account transmitted by post, or left under cover at the office, will either be returned to the parties, or thrown aside unnoticed. Register K. M. No. 1. 1834. Folio 140. AN ACCOUNT of the personal estate, and of monies arising out of the real estate of Robert Manners, who died on the 8th day of January, one thousand eight hundred and thirty-four, exhibited by Richard Manners and Edward Manners, the executors of the deceased, and trustees of the real estate, directed by the will to be sold, &c., acting under the will of the deceased, proved in the Prerogative Court of Canterbury, on the 21st day of February, 1834. |