Equitable apportionments-executorship laws and accounts, Financial Accounting

Equitable apportionments

There are five leading cases where the courts have laid down rules to meet specific situations in which there is a conflict of interest between life tenant and remainderman. Equitable apportionments may be (and frequently are) barred by the will.

The five leading cases are as follows:-

  1. Howe v. Earl of Darmough — where an estate contains unauthorized investments of a hazardous or wasting nature;
  2. Re. Earl of Chesterfield's Trusts — where an estate contains non—income producing assets;
  3. Allhusen v. Whittell — concerning the payment of expenses out of the estate;
  4. Re. Perkins — concerning the payment of annuities out of the estate;
  5. Re. Atkinson — where one of the assets of the estate is a mortgage for which there is insufficient security and a loss eventually accrues to the trust.

It is not necessary to know these rules in detail.

Posted Date: 12/13/2012 5:31:27 AM | Location : United States

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