Examination Timing: 00H01M16S
A man died one month ago leaving a will by which he appointed his friend as his sole executor. The executor has not yet applied for a grant of probate. He wishes to protect himself against claims of unknown creditors and has decided to place advertisements in the London Gazette, a newspaper circulating in the district in which any land forming part of the estate is situated, and any other newspaper or publication he considers might be appropriate. Which of the following best describes how the executor can protect himself against claims from unknown creditors through advertising as above?
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According to the Trustee Act 1925, an executor who wishes to protect themselves from unknown creditors must place advertisements in appropriate publications and wait for two months from the date of the advertisements before distributing the estate. This allows time for any potential creditors to come forward and make their claims known, thereby protecting the executor from liability for any unknown debts after the estate has been distributed.
Key Point: Executors can protect themselves from future claims by unknown creditors by placing the required advertisements and waiting for two months from the date of the advertisements before distributing the estate. This provides a safeguard against potential claims and ensures proper administration of the estate.
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