On the death of a person intestate as to any real or personal estate, that estate shall be held in trust by his representatives with the power to sell it.

The personal representatives shall pay out of the;

  • The ready money of the deceased (so far as not disposed of by his will, if any), and
  • Any net money arising from disposing of any other part of his estate 9after payment of costs),

All such funeral, testamentary, and administration expenses, debts, and other liabilities as are properly payable there out having regard to the rules of administration by the Administration of Estates Act 1925, and out of the residue of the said the money the personal representative shall set aside a fund sufficient to provide for any pecuniary legacies bequeathed by the will of the deceased.

During the minority of any beneficiary or the subsistence of any life interest and pending the distribution of the whole or any part of the estate of the deceased, the personal representatives may invest the residue of the said money, or so much thereof as may not have been distributed.

The residue of the said money and any investments for the time being representing the same, and any part of the estate which remains unsold and is not required for the administration purposes aforesaid is as per the Administration of Estates Act 1925 referred to as the residuary estate of the intestate.

The income including net rents and profits of real estate and chattels real after payment of rates, taxes, rent, costs of insurance, repairs, and other outgoings properly attributable to income of so much of the real and personal estate of the deceased as may not be disposed of by his will, if any, or may not be required for the administration purposes aforesaid, may, however, the such estate is invested, as from the death of the deceased, be treated and applied as income, and for that purpose, any necessary appointment may be made between tenant for life and remainderman.

The above positions will have effect subject to the provisions of a will if the deceased leaves a will.

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