Personal representatives and trustees may acquire freehold or leasehold land79 in the United Kingdom:80

(a)as an investment;

(b)for occupation by a beneficiary;81 or

(c)for any other reason.82

In doing so, personal representatives are, in addition to the statutory duty of care, under duties to have regard to the standard investment criteria and to obtain and consider proper advice.83 Only the statutory duty of care will apply if personal representatives acquire land for a non-investment purpose, such as for occupation by a beneficiary.

79 Land does not include an undivided share in land (which does not exist as a legal estate). See the following footnote.
80 ‘Freehold or l

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.