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Legal Terms - Appropriation
Appropriation is a term used in administrative law. The act of assigning a specific amount of money for a specific purpose. The yearly Appropriation Act grants permission to withdraw money from the Consolidated Fund to cover government expenses and distributes it across departments based on certain categories of spending. (pertaining to the field of probate law) The transfer of a specific asset by personal representatives to fulfill a legacy or portion of the estate. For instance, let's consider a scenario where a person who has passed away (known as the testator) decides to leave a sum of £1,000 as a legacy to person A. As part of the testator's estate, there are some shares in a company called ICI. Instead of giving person A the money directly, the individuals responsible for managing the testator's estate (known as the personal representatives) decide to allocate shares in ICI to person A, which have a value equivalent to £1,000, as a way of fulfilling the legacy. The authority for personal representatives to appropriate is granted under section 41 of the Administration of Estate Act 1925 and necessitates the beneficiary's consent (which is typically waived by an explicit provision in the will).
Appropriation is a term used in administrative law. The act of assigning a specific amount of money for a specific purpose. The yearly Appropriation Act grants permission to withdraw money from the Consolidated Fund to cover government expenses and distributes it across departments based on certain categories of spending. (pertaining to the field of probate law) The transfer of a specific asset by personal representatives to fulfill a legacy or portion of the estate. For instance, let's consider a scenario where a person who has passed away (known as the testator) decides to leave a sum of £1,000 as a legacy to person A. As part of the testator's estate, there are some shares in a company called ICI. Instead of giving person A the money directly, the individuals responsible for managing the testator's estate (known as the personal representatives) decide to allocate shares in ICI to person A, which have a value equivalent to £1,000, as a way of fulfilling the legacy. The authority for personal representatives to appropriate is granted under section 41 of the Administration of Estate Act 1925 and necessitates the beneficiary's consent (which is typically waived by an explicit provision in the will).
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