Topic 5 Wills & Intestacy Flashcards
Who is the “Testator” to a will?
The person making the will
What does the “Provisions for Family & Dependants Act 1975 do?
Allows a beneficial of the will to challenge the will
What is “Reasonable Financial Provision” that a Beneficiary challenging the will may receive?
Is a sum for maintenance that beneficiary can receive
What is the “Executor” to a will?
The person responsible for administering the estate on the testators death
An executor can be a Beneficiary of the will?
True or False
True
Who is the “Beneficiary” of a will?
The person who will benefit from the will
How many witnesses to the signing of a will must there be?
2
A witness or spouse of a will can not do what?
Benefit from the will
All these are what in relation a Will?
- Must be in writing
- Will should be dated
- Each person should write an individual will
Requirements for a valid Will
All these are what in relation a Will?
- Previous Wills should be revoked
- Will is revoked if a Testator remarried
- Will should be written up by a solicitor or professional Will writer
Requirements for a valid will
If somebody in a will divorces what happens to the former spouse?
They are eliminated from the Will
What is a Mirror Will?
When couples make an identical will leaving everything to each other
What are Mutual Wills?
Will that contain an agreement that on the death of the first partner the surviving partner cannot revoke their Will
What does a Codicil do?
Allows a person to make small changes to a will without making a new Will
What does “Absolutely” mean in regards to Intestacy?
The Beneficiary
What does “Remotor Issue” mean in regards to Intestacy?
Grandchildren of the deceased
What does “Chattels” mean in regards to Intestacy?
Tangible moveable property used for business purposes or property held as an investment
How many days does a spouse need to outlive their partner to benefit from the Will?
28
Does a former spouse or civil partner who is divorced have rights under the law of intestacy?
No
If the deceased dies in intestate but have a spouse and children what does the spouse receive first?
Deceased’s personal chattels plus the first £322K of the estate
After the spouse of somebody who has died in Intestate who has both a spouse and children has received the personal chattels and the first £322k of the estate what is the spilt of the remaining estate?
Spouse and children receive half of the remaining value of the estate
Who receives the estate of somebody who died in Intestacy with no direct relatives?
The Crown
What does the “grant of probate” do?
Allows the executor of a will to distribute the estate according to the will
What is the “small estate exemption” ?
Any estate under £5,000 will not require a grant of probate
Is a grant of probate required if an estate is owned on a joint tenancy basis?
No
When an estate is being distributed when must the IHT be paid?
Before or after probate is granted?
Before probate is granted
If a person dies Intestate what does the administrator need to do to distribute the estate?
Obtain letters of administration
What is a “declaimer” to a will?
A bequest that has been rejected by a beneficiary of a will
When must a “Disclaimer” be written?
Within 2 years of the death and before the bequest is accepted
What is a “Deed of Variation”?
A change to a will or the laws of intestacy be the beneficiaries (collective agreement)
If a “Deed of Variation” is requested do those unaffected by the changes have a right to change the deed of variation?
No
The below are what in relation to a “Deed of Variation”?
- Made in exchange for Money
- Beneficiaries affected are over 18 and of sounds mind
Conditions for a “Deed of Variation” to be accepted
