Law of Wills and Succession: Chap 2- Contents of Wills and Administration of Estates Flashcards
What are gifts made in a will called?
Testamentary Gifts
Under which act can you find the 2 main rules re gifts in a will?
s24 Wills Act 1837
What is a specific legacy?
This is a gift of a particular thing which is identified as belonging to the T: it must be clearly described in the will- e.g. I give my car
What is a general legacy?
A gift of an unspecified item, it is a gift of property which isn’t distinguished from other property of the same type, or a gift of an item which T may or may not possess at DoD but which could be purchased to fulfil the gift e.g. I give a car
What is a pecuniary legacy?
A general legacy which is a gift of money out of the general estate
What is a demonstrative legacy?
a gift of a general nature which is to be paid out of a specified fund rather than out of the general estate. e.g. I give £200 out of my Barclays bank account
What is a residuary legacy?
A gift of the residuary estate which is the amount left after any debt have been paid and all other gifts have been distributed
Which two acts govern the order in which debts, legacies and residue are paid?
1) Administration of Estates Act 1925 and the Administration of Insolvent Estates of Deceased Persons Order 1986
When an Estate is Insolvent, what is the name for the process of deciding which gifts should be paid and which shouldn’t be paid?
Abatement
Under which act does the D’s share of joint assets does form part of the estate?
S421a Insolvency Act 1986
When an Estate is solvent, which act governs the order of payment of debts?
S34(3) Administration of Estates Act 1925
What is a Contingent gift?
a gift that is subject to a precondition, which must be met before the named beneficiary can inherit the gift
What is a vested gift?
a gift without any precondition
From what age can a beneficiary provide valid receipt?
18 years of age
What is meant by the term ‘ademption’?
This is when a specific git will fail if the subject matter of the gift no longer forms part of the T’s estate at DoD
What happened in Durrant v Friend 1852 re gifts
a gift of personal effects which were lost when the T drowned at sea: the gift failed; it addeemed
Which gift does ademption not apply to?
general gifts
What was the conclusion in Rokkan v Rokkan 2021?
Ademption of a specific gift by will may occur even when a change in personal assets was made by T at a time when they lacked capacity.
Explain when the lapse of a gift will occur?
Any gift will lapse if the beneficiary dies before (predecease) the T, because a will is effective only when the T dies. Until that time, the beneficiary has no interest in the property and cannot benefit under the will if they predecease the T.
Which Act provides an exception to the general rule of lapse?
s33 Wills Act 1837
Under what circumstances can a lapsed gift be saved?
A gift can be saved where the beneficiary named in the will is a child or remoter direct descendant i.e. a grandchild
Which act states an executor may be paid a reasonable amount for their professional services in administrating the estate even if there is no charging clause.
Trustee Act 2000
What does s29 Trustee Act 2000 not provide for?
it doesn’t provide for a sole executor to be paid for their professional services.
What was decided in Re S’s Estate [1968]?
The court held that a woman who was serving a prison sentence for her husband’s manslaughter could not act as the executrix of his estate.
