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  6. When does a legatee have a right to interest on a pecuniary legacy?

When does a legatee have a right to interest on a pecuniary legacy?

When does a legatee have a right to interest on a pecuniary legacy under a Will and what rate of interest is payable?

Legacies should be paid with due diligence and usually within the executor’s year. Paragraph 15 of Practice Direction 40A of the Civil Procedure Rules states:

‘Where an account of legacies is directed by any judgment, then, subject to:

  1. a) any directions contained in the will or codicil in question and
  2. b) any order made by the court

interest shall be allowed on each legacy at the basic rate payable for the time being on funds in court or at such other rate as the court shall direct, beginning one year after the testator's death’.

The current rate payable on legacies can be checked on the Court Funds Office website.

For further information, please see the Law Society’s Probate Practitioner’s Handbook (7th edition) which is available to purchase from the Law Society’s online bookshop.

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Disclaimer: While every effort has been made to ensure the accuracy of the information in this article, it does not constitute legal advice and cannot be relied upon as such. The Law Society does not accept any responsibility for liabilities arising as a result of reliance upon the information given.

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