Chapter 2 - Administration of Estate - What Happens Upon Death? Flashcards
1
Q
ADMINISTRATION OF ESTATE - WHAT HAPPENS UPON DEATH
Overview
A
1) Testate
2) Intestate
2
Q
ADMINISTRATION OF ESTATE - WHAT HAPPENS UPON DEATH
Testate
A
Grant of probate:
- probate is granted to the executors appointed in the will;
- max: 4 executors;
- executors must distribute the estate according to the will.
3
Q
ADMINISTRATION OF ESTATE - WHAT HAPPENS UPON DEATH
Testate
- Will declared to be invalid
A
Grant of letter of administration:
- LA will be granted in cases where a will is declared to be invalid.
4
Q
ADMINISTRATION OF ESTATE - WHAT HAPPENS UPON DEATH
Intestate
A
Grant of letter of administration:
- any interested party can apply to be the administrator;
- administrators must distribute the estate according to Distribution Act 1948