Tax Memo

 CHAPTER 2   Taxation of estates 

 SECTION 1   General principles 

On the death of an individual, the property in the estate does not pass directly either to the legatees or under the rules of intestacy. Instead, the property vests in the personal representatives who are responsible for collecting the property, settling any outstanding liabilities or obligations, and then distributing the residue.
A distinction can therefore be drawn between an estate in the course of administration and a will trust. The former relates to the period of time between the death of an individual and the completion of the administration of the estate. The latter relates to a trust created by the will of the deceas...

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