Formative MCT Recap

Question 1

What is the effect of ademption on a specific gift in a will?

Answer 1

Ademption occurs when a specific gift in a will cannot be fulfilled because the item no longer exists or is not owned by the testator at the time of death. In such cases, the gift fails, and the intended beneficiary does not receive the item or its value.

Question 2

What is the effect of lapse on a gift in a will?

Answer 2

Lapse occurs when a gift in a will fails because the beneficiary predeceases the testator, and there is no provision for a substitutional gift. In such cases, the gift falls into the residuary estate and is distributed according to the will’s provisions for the residuary estate.

Question 3

Under the intestacy rules, what is the spouse entitled to when the deceased is survived by a spouse and issue?

Answer 3

Under the intestacy rules, when the deceased is survived by a spouse and issue, the spouse is entitled to personal belongings, a statutory legacy (currently £270,000), and half of the remainder of the estate. The issue will be entitled to the other half of the remainder of the estate, divided according to the statutory trusts.

Question 4

hen do beneficiaries have vested interests under the statutory trusts in intestacy?

Answer 4

Beneficiaries have vested interests under the statutory trusts in intestacy when they have reached the age of 18 or, if under 18, are married or have entered a civil partnership.