05 October 2018
Wills - Income produced from specific gift
If a beneficiary has been left a specific asset in a will, in this case a motor vehicle, is the beneficiary entitled to income generated by that asset, e.g. dry hire fee, from the date of death less expenses such as insurance and registration?
Thank you for the question.
The following is an extract from the By Lawyers Wills (NSW) commentary:
Specific gifts do not carry interest but carry immediate income. All income produced by the property that forms the gift from the date of death belongs to the beneficiary. It follows that the liabilities for the subject property are payable by the beneficiary.
Unless the contrary is expressed in the will, the cost of transferring the property to the beneficiary is payable by them and they take the gift subject to any debt.
Regards
Mentor
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