y estate, right, or interest (other than a chattel interest) therein" (Wills Act Sec.1). "Personal estate" "shall extend to leasehold estates and other chattels real, and also to monies, shares of government and other funds, securities for money (not being real estates), debts, choses in action, rights, credits, goods, and all other property whatsoever which by law devolves upon the executor or administrator, and to any share or interest therein" (Wills Act Sec. 1).
Once Lord Amstrad's estate has been fully determined and sold, the proceeds must first be applied towards providing a "reasonable income" for Josephine's lifetime. In determining "reasonable income", there are several factors that must be considered. Among the factors that are taken into account are her age, health status, financial situation and marital status. The nature of her current assets and lifestyle is also significant. What might be a reasonable amount for one person's lifestyle might not be adequate for another person's lifestyle.
In addition to determining the amount of Josephine's share, the nature of her disbursement is also important. One method of disbursement is through a life interest trust. This type of trust gives the beneficiary "the right to receive the income from the trust's property during [àher] lifetime, after which time the income then passes to other persons or charities" ("Setting Up A Trust"). "Any property or funds held in trust for a family member who cannot manage their own affairs will not be treated as a capital resource when entitlement to state benefit is assessed" ("Setting Up A Trust"). However, th
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