MCQS Flashcards
How long do you have to make a claim against someone’s estate?
Application must be made within 6 months of the grant of representation.
Can you amend your executors using a codicil?
Yes, if the codicil is properly executed.
The will, will take effect as if it were published at the same time as the codicil.
The codicil and will should be stored together as they will need to be read in conjunction with one another.
What value of an item should you obtain professional valuation, as a sole executor?
If it’s worth over £1,500.
As an executor, where do you get the death certificate?
Should obtain the death certificate within 5 days of death from the Register Office.
What is the income tax rate for income derived from dividends?
What is the income tax rate for all other income?
Income derived from dividends - 8.75%
All other income - 20%
Can a 16 year old act as an executor?
What is the limitation to this?
Yes they can but they will not be able to apply for the Grant of Probate until the age of 18.
When is inheritance tax due?
6months after the end of the month in which the deceased died.
E.g. if the deceased died on the 10th of May, IHT will be payable by 30th November.
What is the order of who can inherit first under intestacy rules?
- Spouse/civil partner.
- Children/adopted children.
- Parents.
4.Siblings. - Half-siblings.
- Grandparents.
- Aunts and uncles.
Is an attestation clause required in a will?
No, however it is recommended.
Can a trustee use income from the trust assets for a minor?
Yes, provided that it’s for their maintenance, education or benefit.
Can a trustee give a payment of trust capital to a beneficiary sooner than what was stated in the will?
Yes they can provided that it was for a good reason e.g. Property investment.
Do you have to pay IHT for lifetime gifts?
Not if they are gifts to the spouse.
If a testator scratches out some of the words in the will, to the point where it is impossible to read, will the clause remain valid?
Yes, as the testator has obliterated the wording - the alteration does not need to be formally executed.
How should an executor protect themselves against claims from unknown creditors through advertising?
Should place the advertisements and must wait for 2 months from the date of the advertisements before distributing the estate.
Is a cohabitating partner entitled to a share of the deceaseds estate, if they died intestate?
No, the law does not recognise unmarried partners as legal heirs.
If one of the parents die intestate, will their wife and children be entitled to the estate?
(Wife and kids died the following day).
It will pass to the children’s estate. Not the wife’s.
When must a IHT400 be completed?
When inheritance tax is due
