Lecture Two: Distributing Property Under a Will Flashcards
Does cash in a jointly owned bank account pass outside or under the will?
Outside the will.
Does a will cover assets relevant at its creation or upon the death of the testator?
Upon the death of the testator.
What happens to a gift that fails?
If it is a particular asset, it falls into the residue. If a gift of residue fails, this passes under the intestacy rules.
When can an attempt to disclaim a gift not result in gift failure?
If the beneficiary has already received a benefit from the gift.
If someone has legally changed their gender, when will this affect the distribution of property under a will?
This will affect distribution if the will was made after 4 April 2005.
What is the key distinction to make in respect of the proceeds of a life policy?
If the proceeds of a life policy is payable to the estate, it will pass under the will. If proceeds are held on trust or assigned to certain relatives, they will pass outside of the will.
What is nominated property and where can it be held?
Small balances of up to 5k held in certain trustee savings banks, friendly societies and industrial and provident societies.
What is the key distinction to make in respect of property?
If it is jointly owned, then the survivorship rule operates and it passes outside of the will. If it is held as a tenancy in common, then the survivorship rule does not operate and it passes under the will.
