Intent To Levy
Referring to payment, distribution or substitution of things in lieu of money, a combination of goods and money, or money instead of an article. it is an expression often found in wills and trusts, which empowers the executor or trustee to make distribution to beneficiaries “in kind” according to his/her discretion as long as the value is equivalent to the value intended to be given to each beneficiary. this is important since it allows distribution of furniture, heirlooms, stocks and bonds, automobiles or even real property (as well as money) among the beneficiaries without selling assets to get cash. example: edward doright dies with a will that leaves his estate equally to his two daughters and a son. he has a house worth $150,000, cash of $100,000, art works valued at $50,000, two cars at $10,000 each, $150,000 in stocks, and jewelry appraised at $25,000. since the total value is $495,000, the executor can thus divide this up by giving each child things and money valued at $165,000. the one taking the house would then get a car and $5,000 cash, etc. in this way gifts can be distributed most appropriately to the needs of the recipients. the “in kind” provision may avoid the potential low value returns from estate sales and the cost of real estate commissions.