18 Legal Aspects of LLP Flashcards
Which Act Update the Intestacy Laws?
The Inheritance and Trustees Power Act 2014
Changed on October 2014
How does the Intestacy Laws Distribute?
If only Spouse - Full Estate
If Spouse and Issue - Spouse gets statutory amount of £250K + Chattels + 50% Absolutely Excess. Residue in Trust for children
No Spouse whole estate divided
Children, if none then grandchildren
Then Parents, then siblings (whole blood), then nieces and nephews, then Crown
Valid Requirements for A Will
Writing
Signature must sign even if unable then initials OK
Attestation - 2 or more present when signed
Deed of Variation Requirements
- Must refer to Will, intestacy or Trust
- signed by all those that would have benefited
- Within 2 years
- Contain a statement variation is to have effect for IHT as if the deceased had made it
- No consideration for money or money’s worth
Mental Capacity Act 2005.
Core Definition
A person lack mental capacity if unable t make decision for himself because an impairment or disturbance on the mind or brain
What is Capacity
- Presumed to have capacity
2. Not treated as being unable because the decision is unwise
When were EPA from and to
EPA Act 1985 to October 2007
Attorney to qualify for an EPA
- Full Mental Capacity
- 18 or over and not bankrupt
- Satisfy EPA 1985 Act
- Must register with court of protection if lose mental capacity
When were LPA’s introduced and 2 types and process
Introduced October 2007
1. Property and Financial Affairs
2. Health and Welfare
£110per LPA sent to OPG notify upto 5 people nominated
Living Wills types
1 An Advanced Statement not legally binging just preferences
2.An Advanced decision which IS legally binding eg refuse
An Advanced Decision must be in writing, signed , witnessed and can include phrase like ‘even if life is at risk as a result’
MCA 2005. What are the 5 principles?
- Presumption of Capacity
- Supported to make their own decisions
- Individual decisions should be respected even if unwise
- Done in their best interests
- Least Restrictive
Name 10 Duties of Attorney
- Duty of Care
- Carry out donors instructions
- Not take advantage
- Act in good faith
- In confidence
- Not to delegate unless authorised to do so
- Comply with directions from C of P
- Not to disclaim without relevant guidance
- Keep account (for fin LPA)
- Keep monies separate from Own
If ill treated or abused
Criminal Act if wilfully neglect or ill treat
When does the Court of Protection Act
Under Mental Health Act 1983 comes under court if:
- Lose Capacity
- Have no EPA and have assets that need to be for their benefit
A deputy can be appointed by the Court
Power normally more restricted
Duties of Office of Public Guardian (OPG)
- assist the deputy
- Maintain a register of LPA’s
- Supervise Deputies
- Investigate Complaints
- Provide information and guidance
