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On the Interests of Heirs of Entail, and the Calculation of the Pecuniary Values
Published online by Cambridge University Press: 22 April 2013
Extract
On account of the facility afforded by recent Acts of Parliament to the proprietors of Entailed Estates for disentailing, we trust that a paper dealing with the provisions of the Entail Acts which require actuarial calculations for giving effect to them, forms a suitable subject to be brought under the notice of this Society, any of whose members may be called upon to estimate the value of the pecuniary interests of the various heirs of entail. In treating the subject we beg leave to draw your attention briefly to the most important Statutes relating to Disentail, and to one or two decisions of the Courts on points affecting the actuarial calculations of the pecuniary interests of the heirs of entail. Before doing so,.however, we might shortly refer to the origin of entails in this country. An entail is a deed by which the succession to heritable property is settled on a series of individuals or heirs of entail, who may be different from the ordinary legal heirs. More generally speaking, an entail or tailzie comprehends every deed by which the legal course of succession is altered and an arbitrary one substituted. Deeds of this nature have been known in most civilised nations, and their origin is doubtless due to the desire natural to man, to perpetuate his name and family in connection with his possessions, fostered by the State, for political ends which were specially suited to a bygone age. In Greece, Rome, and also in France, deeds of entail, restricting the line of succession to a special series of heirs, have existed from a very remote period, and in Great Britain they date from the time, at least, of Alfred the Great, in whose reign the first Statute relating thereto was passed.
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- Copyright © Institute and Faculty of Actuaries 1896
References
page 19 note 1 Since the above was written we have been informed that there was a case in the Outer House in which the Lord Ordinary decided against this view, though it is difficult to see on what grounds the decision was arrived at. It would seem, therefore, that the heir in possession in such circumstances may consider whether it would not be more advantageous first of all to obtain the consent of the Court to a sale of the estate and an investment of the price, and thereafter proceed with the disentail.
page 21 note 1 Compare pp. 8 and 9.
page 31 note 1 Since the paper was written, doubts have been expressed as to whether or not a substitute-heir, who, after succeeding to the estate, would have to pay compensation before disentailing, should be allowed the value of his reversion to the fee-simple of the estate less such compensation, or only to a reversionary life-interest therein. If the latter is decided to be the correct method of ascertaining his value, any actuary who has followed the methods of calculation we have adopted would have little difficulty in making the necessary alterations in the formulas.
page 34 note 1 See footnote, page 31.
page 34 note 2 δ represents the deaths without issue in the case of A (50). We have used an outside factor for the probability of B having no issue, as the deaths without issue cannot conveniently be calculated from any published tables. The probability that B will have no issue (J.I.A. xxviii. 376) is ·50821.