O'Neill & Ors v McPhillimy & Ors

While the value of these assets is estimated more than �1 million the estate is also encumbered with debt and the best estimate that the executors were able to make at the trial was that the net estate available for distribution will be approximately �605,000.

(ii) The residuary estate of the deceased after payment of all proper debts, funeral and testamentary expenses including the costs of these proceedings is to be held in trust for the first named plaintiff, Mrs O'Neill, absolutely.

(iv) I remove the obligation on the trustees to sell, call in and convert the estate into money although they of course retain the power to do so insofar as may be necessary to pay any monies due by the estate.

(v) I therefore make an interim order that the first and second defendants prepare a draft order for the carrying into effect of these alterations to the will which is to be lodged in the office within not more than three months from 24�February 2004. With regard to costs, the parties have proceeded on the basis that the costs of the remaining parties should be paid out of the estate and I so order. The draft order should provide for those costs and their taxation. The matter will be relisted as soon as the draft order has been lodged in the office.