Probate GAPs

Question 1

Renunciation

Answer 1

Once role of PR has been accepted, you lose the right to renounce.

Acceptance can be through limited acts i.e. notifying bank of death

Renunciation must be in writing, singed by executor, and contain a statement that they have not intermeddled

Renunciation must be filed at probate office

Question 2

Reservation of power

Answer 2

Alternative to renouncing

Not involved for now but if circumstances change they can apply for probate at a later stage

Question 3

Types of gift - specific legacy

Answer 3

Clearly identifiable at time of execution. ‘My BMW’

Doctrine of ademption applies if gift no longer exists

Question 4

Types of gift - general legacy

Answer 4

Doctrine of ademption does not apply.

‘A car’ - executors to buy car or give funds equivalent to beneficiary

Question 5

Types of gift - demonstrative legacy

Answer 5

General legacy that identifies the source from which the gift is to be made

Question 6

Types of gift - pecuniary legacy

Answer 6

Gift of cash - almost always general.

Can be specific - £1k to Jim from the £5k owed to me by John

Question 7

Need for grant

Answer 7

Grant of probate is a document that gives authority to administer the estate according to the will

Question 8

Non-contentious probate rules

Answer 8

Can dispose of chattels by producing death certificate

Obtain up to £5k held in National Savings Bank accounts, premium bonds, or building societies by producing death certificate

Sets out prescribed, preferential order of who may apply for grant - starts with trustee (if any) of residuary estate, then any other residuary beneficiary etc

Question 9

Grant application procedure

Answer 9

Made online where there is a will or in limited intestacy scenarios

Application to probate registry should be supported by the will (plus two copies) official copy of death certificate, IHT form, and probate fee

Question 10

Grant application procedure - Form PA1P

Answer 10

Application for probate (will) or administration (partial intestacy) with will annexed

Provide details of will and living relatives, details of executors etc

Question 11

Grant application procedure - Form PA1A

Answer 11

Application for probate where there is no will.

This form requires much more detail about living relatives etc

Question 12

Valuation of assets

Answer 12

Undertake by PRs

Question 13

Liabilities

Answer 13

Paid first

Preferred creditors etc

Abate in proportion

Question 14

Excepted estates

Answer 14

Chargeable transfers in the 7 years before death do not exceed £150k

AND

Gross value of the estate does not exceed nil rate band or 1 million and the chargeable estate does not exceed IHT threshold

Question 15

Duties of PRs

Answer 15

Administer estate - preserve assets and sell those not proper to retain

Pay IHT

Pay legacies

Distribute residue

Question 16

PR Protection - Unknown creditors/beneficiaries

Answer 16

Adverts in relevant publications and London Gazette with 2 months to contact

Question 17

PR Protection - Missing Beneficiaries/Creditors

Answer 17

Pay into court

Obtain an indemnity from beneficiaries

Benjamin Order

Insurance

Question 18

Inheritance (Provision for Family and Dependents) Act 1975

Answer 18

Must be:
-Surviving spouse/civil partner
-Former spouse/civil partner
Child of deceased
Person being maintained by deceased before death
Person living with deceased as spouse for 6 months before death