ABSTRACT

Prior to distribution of the assets to the beneficiaries under the will or intestacy, the personal representatives hold the assets on a limited trust. As a general rule, a beneficiary under a will or intestacy has no legal or equitable proprietary interest in the unadministered assets of the deceased’s estate (see the decision of the Privy Council in Commissioners of Stamp Duties v Livingstone (1965)). Ownership of the unadministered assets is in the hands of the personal representatives. Viscount Radcliffe in Livingstone said:

Although Viscount Radcliffe refers to a ‘fiduciary position’, equity does not treat the unadministered assets as if they constituted a trust fund held upon trust for the beneficiaries.