Modifications etc. (not altering text)
C1Pt. IV amended by Family Law Reform Act 1969 (c. 46), s. 14(3)
C2Pt. IV (ss. 45–52) amended by Family Law Reform Act 1987 (c. 42, SIF 49:7), s. 18(1)(2)(4)
(1)Where any person dies leaving a will effectively disposing of part of his property, this Part of this Act shall have effect as respects the part of his property not so disposed of subject to the provisions contained in the will and subject to the following modifications:—
[F1(aa)where the deceased leaves a husband or wife who acquires any beneficial interests under the will of the deceased (other than personal chattels specifically bequeathed) the references in this Part of this Act to [F2the fixed net sum] payable to a surviving husband or wife, and to interest on that sum, shall be taken as references to the said sum diminished by the value at the date of death of the said beneficial interests, and to interest on that sum as so diminished and, accordingly, where the said value exceeds the said sum, this Part of this Act shall have effect as if references to the said sum, and interest thereon, were omitted]
(a)The requirements [F3of section forty-seven of this Act] as to bringing property into account shall apply to any beneficial interests acquired by any issue of the deceased under the will of the deceased, but not to beneficial interests so acquired by any other persons:
(b)The personal representative shall, subject to his rights and powers for the purposes of administration, be a trustee for the persons entitled under this Part of this Act in respect of the part of the estate not expressly disposed of unless it appears by the will that the personal representative is intended to take such part beneficially.
[F4(2) References in the foregoing provisions of this section to beneficial interests acquired under a will shall be construed as including a reference to a beneficial interest acquired by virtue of the exercise by the will of a general power of appointment (including the statutory power to dispose of entailed interests), but not of a special power of appointment.
(3)For the purposes of paragraph (aa) in the foregoing provisions of this section the personal representative shall employ a duly qualified valuer in any case where such employment may be necessary.
(4)The references in subsection (3) of section forty-seven A of this Act to property are references to property comprised in the residuary estate and, accordingly, where a will of the deceased creates a life interest in property in possession, and the remaining interest in that property forms part of the residuary estate, the said references are references to that remaining interest (which, until the life interest determines, is property not in possession).]
Textual Amendments
F1S. 49(1)(aa) inserted by Intestates' Estates Act 1952 (c. 64), s. 3(2)
F2Words substituted by Family Provision Act 1966 (c. 35), s. 1(2)(b)
F3Words inserted by Intestates' Estates Act 1952 (c. 64), s. 3(2)
Modifications etc. (not altering text)
C3S. 49 set out as amended by Intestates' Estates Act 1952 (c. 64) in Sch. 1 to that Act