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SQE2(FLK2) Mind > Inheritance > Flashcards

Inheritance Flashcards

1
Q

How long to pay IHT?

A

6 months after death

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2
Q

What is the priority list for GOP?

A
  1. Executor
  2. Residuary legatee
  3. Personal rep of residue
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3
Q

When cant PRs renounce rights?

A

If they have inter-meddled with estate

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4
Q

Who/ what is needed if will and no will?

A

Will - executor & GOP

No will - administrator and LOA

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5
Q

What form for GOP and LOA

A

GOP- PA1P
LOA - PA1A

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6
Q

How much is GOP fee?

A

£273 if 5k+ or free if less

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7
Q

What assets pass to PRs without GOP

A

small payments to those beneficially entitled(not if exceed 5k)
Chattels
Cash

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8
Q

What assets dont go through PRs hands?

A

Joint property
Insurance
Pension benefits

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9
Q

Difference between PR/trustee in retiring?

A

Trustee can retire
PR cant retire without court order

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10
Q

Whats devastavit?

A

Liable out of own resources if PR has caused loss by breach of duty (unless acted honestly and reasonably or bene acquesed)

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11
Q

What are creditors rightz?

A

PRS take kn all debts and liabilities
Only liable to extent of Ds assets
Limitation 6 years

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12
Q

What are beneficiaries rights?

A
  1. Prevent issue of grant (6month but can be extended)
  2. Compel issue of grant (citation)
  3. Passing over
  4. Due administration
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13
Q

What are wrongdoing trustee tracing rules?

A

1- if still has - proprietary claim
2. Bought something - proprietary claim new thing
3. Mixed assets - claim mixed asset
4. Mixed funds - used own first

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14
Q

Innocent tracing rules?

A
  1. Still owns - proprietary claim
  2. Used to buy - proprietary claim over new
  3. Mixed asset - share
  4. Mixed bank - proportionate share
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15
Q

Different types of claim for recipient / accessory liability?

A

Recipient - personal / proprietary
Accessory - personal claim if assisted

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16
Q

Rules for bona fide purchaser without notice

A

Takes free

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17
Q

Who is an innocent volunteer / tracing rules?

A

Bona fide with no consideration

Innocent tracing rules apply

18
Q

Time limit for family provisions post death?

A

6 months from GOP

19
Q

Entitlement for post death variation of will under Family and Dependents Act?

A

1) spouse
2) former spouse (not remarried)
3) child - if adult special circumstances
4) treated as child
5) maintained by D
6) living as husband and wife (2yrs)

(Not a commercial arrangement)

20
Q

What is attestation clause?

A

Gives presumption of due execution

21
Q

Powers that must expressly be given to Trustees?

A
  1. Appropriate assets
  2. Invest
  3. Purchase land
  4. Sell
  5. Give bene income
  6. Power to use capital to enhance benes
22
Q

What are the 4 exceptions to the testators year?

A

1) debts owed
2) charge on land
3) minor child

23
Q

What protection from missing beneficiaries?

A

1) indemnity
2) insurance
3) benjamin order

24
Q

Rule for protection against unknown creditors/ benes?

A
  1. Advertise for 2 months
    After this another bene must claim against other benes
25
Q

What is Clayton and Rule in Vaughan. For tracing assets?

A

Clayton - between two innocents, first money paid in is paid out

Vaughan - can depart from this where
a. Impossible to apply
b. Result in injustice
c. Contrary to parties intent

26
Q

What is the rule in Hallet?

A

If mixed property beneficiary gets first choice

27
Q

What are defences to brining a personal claim against Trustee?

A
  1. Exemption clause in trust deed
  2. Knowledge/ consent of benes
  3. Honestly and reasonably and ought fairly be excused
  4. Limitation and laches
28
Q

What part of will pays IHT?

A

Residuary

29
Q

Difference between general and demonstrative gift?

A

Demonstrative more sepcific eg
100 shares of X paid from X instead of just 100 shares from X

30
Q

How long must a spouse survive to be entitled in intestacy

A

28 days

31
Q

How much is the statutory legacy?

A

£270,000

32
Q

What is golden rule of capacity

A

Get medical practitioner to confirm and witnesses

33
Q

What must be shown to challenge intention

A

Fear
Fraud
Force
Undue influence
Mistake

34
Q

What are the formalities of a will?

A
  1. Written and signed
  2. T intended signature to give effect to will
  3. 2 witnesses present
  4. Each witness attest and sign
35
Q

What is IHT nil rate band?

A

£325,000

36
Q

What are values of exempt gifts in consideration of marriage?

A

£5k by parent
£2.5k remoter relative eg grandparent
£1k others

37
Q

What is annual exemptions of IHT?

A

Under 3k free - can be carried forward one year (max 6k) + small gifts under £250 exempt

38
Q

What is residence nil rate band?

A

£175k

39
Q

How to remove a trustee?

A
  1. Dead
  2. Outside UK for 12+ months
  3. Wants to be discharged
  4. Refusal to act
  5. Unfit to act
  6. Lacks capacity
40
Q

How many trustees if trust of land?

A

2 human trustees

41
Q

How much of trust benefit can a beneficiary receive before?

A

Max up to half

SQE2(FLK2) Mind (4 decks)

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