intestacy and succession Flashcards
Define a deceased’s ‘succession estate’
assets capable of passing under a will or intestacy rules
What is the definition of testate?
When deceased’s will covers entire succession estate
What is the definition of intestacy?
Where a person dies without a valid will, or can be partially intestate
- intestacy rules apply instead, here
Which 6 types of property do not pass to the succession estate?
- Donationes mortis causa
- discretionary pension scheme benefits
- insurance policies written in trust
- statutory nominations
- property held as beneficial joint tenants
- some other beneficial interests under trust & property held in a trust
Define donationes mortis causa.
gift made in contemplation of death
- donor believes they may die imminently of particular cause, makes it clear that gift is conditional upon them dying, property reverts back if they survive.
What are statutory nominations?
monies from friendly, industrial or provident society accounts, under £5000 pass to nominee and not trustees / intestacy
how does property held as beneficial joint tenant fit within the succession estate?
JT= doesn’t pass to succession estate, automatically goes to JT
TiC= passes into succession estate
Bank accounts= same as JT & TiC
Which 2 categories are most important to consider for entitlement to estate?
1- Spouse (survived deceased by 28 days)
2- Issues (linear, legitimate & illegitimate)
- if no spouse / issue, consider wider class of relatives
What is the entitlement of spouse and issues to the estate?
spouse= personal chattels, statutory legacy of £322,000 and half of residue
issue= other half of residue (if any) on statutory trusts
What happens if spouse and issue does not survive deceased.
Spouse = 28d rule, if not, didn’t survive deceased at all
issue= their own issue may inherit their entitlement
- if they do survive deceased, no requirement for 28d but need to satisfy contingency limb
What is the contingency limb in statutory trusts?
each beneficiary must survive the intestate and reach age of 18 to inherit
- if they need to reach 18, they have contingent interest
What is the distribution order(6) where deceased has no spouse or issue?
1- parents
2- siblings (whole blood)
3- siblings (half blood)
4- grandparents
5- uncles & aunts (whole blood)
6- uncles & aunts (half blood)
What is the definition of personal chattels?
tangible movable property, but excludes
- money or securities for money
- property used for mainly business purposes
- property held solely as investment
How is the marital home distributed?
depending on JT / TiC
- spouse has no right to inherit marital home but can write to PRs within 12m to appropriate home (‘buy’ it using money they’d receive from estate)
How does the proprietorship register set out co-ownership of property?
in the TR1 form to inform LR
- legal title= always as JT
- beneficial title= JT or TiC
