13.3 Personal Representatives And Interpretation Of Wills Flashcards
What is a personal representative
Persons who administer a deceased individuals estate
They can be executors or administrators
If a marriage is dissolved the spouse testator will be
Ineffective unless there is a contrary intention included within the will
Renunciation is valid when
A person named as an executor can renounce their rights to a grant of probate provided that they have not accepted office
An executor accepts office by
Taking a grant of probate or by intermeddling in the estate ie doing something which shows an intention to accept the office
Examples of intermeddling are
Selling assets of the deceased
Paying debts
Carrying on the business of the deceased
Examples which are not intermeddling include
Arranging the funeral
Insuring the deceaseds assets
Gathering and pursuing the deceased papers
Requirements of a valid renunciation of exectorship
Must be in writing
Signed by the executor
Contain a statement that the person has not intermeddled
Signed by a disinterested witness
Filed to the private registry
Power reversed of an executor
Not involved for now in the execution of the will but could be in the future
Specific legacy
Specific item named in the will. If the gift no longer exists at the time of the will it will adeem (this means fail)
General legacy
Gift of property from the estate but not specific. If this gift is no longer available the executor will have to replace it.
Demonstrative legacy
General legacy (gift of property that has not been distinguished) payable out of a specific designated fund
Pecuniary legacy
Gift of money which may be specific general or demonstrative
Residuary legacy
The residue of an estate which is left after all debts liabilities etc have been paid
Ademption / adeemed
Gift has failed no longer part of the testators estate, or is subject to a binding contract to sale or no longer meets the description in the will
Failure of gifts to witnesses
A gift in a will will fail if the beneficiary or beneficiary’s spouse or civil partner witnesses the will. The will itself will remain valid
It will not fail if there are two other valid witnesses - be wary of a codicil
Definition of children in a will includes
Illegitimate and adopted children but not step children
How many executors are required?
1
How are shares lost in a will?
if they change their substance, ie. they become merged with other shares by being bought or acquired. If they change their form ie. increase in value they will still be available in the will.
Commonorietes means
multiple deaths at one point
general rule is the oldest person died first to determine the will
