Content of Wills and Administration of Estates

Question 1

Will speaks from date of death for property

Answer 1

S24 Wills act

Question 2

Will speak from date of writing for people

Answer 2

S24 Wills Act

Question 3

Real Property

Answer 3

Land/Houses (freehold)

Question 4

Personal Property

Answer 4

everything except freehold property

Question 5

Specific Legacy

Answer 5

Particular Item clearly described ie My 3 stone diamond engagement ring

Question 6

General Legacy

Answer 6

Unspecified Item ie a car

Question 7

Pecuniary Legacy

Answer 7

A gift of Money

Question 8

Demonstrative Legacy

Answer 8

General gift from a specific fund ie 1,000 from Barclays bank if not enough in account rest is met from remaining estate

Question 9

Residual Legacy

Answer 9

Remainder of estate after all other gifts are paid

Question 10

Ademption (specific gifts)

Answer 10

if the subject matter of the gift no longer forms part of the estate the gift fails ( Specific legacy only)

Question 11

Ademption (general gifts)

Answer 11

Ademption does not apply to general gifts the estate will have to purchase one from the estate to meet the legacy

Question 12

Lapse of a gift

Answer 12

Specific gift lapses (fails) if the receiver(non direct descendant) predeceased the testator and falls into remainder unless a further receiver is named

Question 13

S33 WA

Answer 13

only applies to Direct descendants of the testator any gift left to someone who predeceased the testator will pass to the recipients direct issue per stirpes

Question 14

Per stirpes

Answer 14

By the Branch

Question 15

Executor

Answer 15

one or more person to manage the disposal of the estate, Must be over 18 and physically and mentally capable of managing their own affairs

Question 16

Powers reserved

Answer 16

If more than one executor those not taking the position have their powers reserved and can apply for a new grant to include them in the future

Question 17

Administration of estates Act S7(1)

Answer 17

automatic chain of representation should an executor die before the estate is administered if duel exec carry’s on with one if they subsequently die estate administration passes to executor of second executors estale

Question 18

Administration with Will annexed

Answer 18

Where there is a valid will but there is no named executor or named executor doesn’t wish to act or named executor died before obtaining the grant

Question 19

R20 Non contentious probate rules 1987

Answer 19

Lists who is entitled to apply for a grant of probate or Letters of Administration

Question 20

Who can apply for a Grant of Probate

Answer 20

Executor of will

Question 21

Who can apply for Letters of Administration Will annexed

Answer 21

Trustee of residual estate or residual beneficiary Personal representative of residual beneficiary
Other Legatee, Devisee or creditor of the deceased
Personal representative of Other Legatee, Devisee or creditor of the deceased

Question 22

Duties of PR before Grant

Answer 22

Establish if there is a will
Contact all financial institutions to inform of death and obtain values of assets and Liabilities
Advise beneficiaries of their entitlement
Prepare inheritance tax forms/ arrange payment of tax and apply for the grant

Question 23

Duties of Personal representatives after the Grant has been issued

Answer 23

Collect the assets
Pay liabilities
Prepare estate accounts setting out details of all sums received and paid out
Distribute the estate

Question 24

When Affidavits may be required

Answer 24

Due execution in doubt R12 & 13 NCPR 1987

Plight and condition S21 Wills act