Topic 5 Wills & Intestacy

Question 1

Who is the “Testator” to a will?

Answer 1

The person making the will

Question 2

What does the “Provisions for Family & Dependants Act 1975 do?

Answer 2

Allows a beneficial of the will to challenge the will

Question 3

What is “Reasonable Financial Provision” that a Beneficiary challenging the will may receive?

Answer 3

Is a sum for maintenance that beneficiary can receive

Question 4

What is the “Executor” to a will?

Answer 4

The person responsible for administering the estate on the testators death

Question 5

An executor can be a Beneficiary of the will?

True or False

Answer 5

True

Question 6

Who is the “Beneficiary” of a will?

Answer 6

The person who will benefit from the will

Question 7

How many witnesses to the signing of a will must there be?

Answer 7

2

Question 8

A witness or spouse of a will can not do what?

Answer 8

Benefit from the will

Question 9

All these are what in relation a Will?

• Must be in writing
• Will should be dated
• Each person should write an individual will

Answer 9

Requirements for a valid Will

Question 10

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

Answer 10

Requirements for a valid will

Question 11

If somebody in a will divorces what happens to the former spouse?

Answer 11

They are eliminated from the Will

Question 12

What is a Mirror Will?

Answer 12

When couples make an identical will leaving everything to each other

Question 13

What are Mutual Wills?

Answer 13

Will that contain an agreement that on the death of the first partner the surviving partner cannot revoke their Will

Question 14

What does a Codicil do?

Answer 14

Allows a person to make small changes to a will without making a new Will

Question 15

What does “Absolutely” mean in regards to Intestacy?

Answer 15

The Beneficiary

Question 16

What does “Remotor Issue” mean in regards to Intestacy?

Answer 16

Grandchildren of the deceased

Question 17

What does “Chattels” mean in regards to Intestacy?

Answer 17

Tangible moveable property used for business purposes or property held as an investment

Question 18

How many days does a spouse need to outlive their partner to benefit from the Will?

Answer 18

28

Question 19

Does a former spouse or civil partner who is divorced have rights under the law of intestacy?

Answer 19

No

Question 20

If the deceased dies in intestate but have a spouse and children what does the spouse receive first?

Answer 20

Deceased’s personal chattels plus the first £322K of the estate

Question 21

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?

Answer 21

Spouse and children receive half of the remaining value of the estate

Question 22

Who receives the estate of somebody who died in Intestacy with no direct relatives?

Answer 22

The Crown

Question 23

What does the “grant of probate” do?

Answer 23

Allows the executor of a will to distribute the estate according to the will

Question 24

What is the “small estate exemption” ?

Answer 24

Any estate under £5,000 will not require a grant of probate

Question 25

Is a grant of probate required if an estate is owned on a joint tenancy basis?

Answer 25

No

Question 26

When an estate is being distributed when must the IHT be paid?

Before or after probate is granted?

Answer 26

Before probate is granted

Question 27

If a person dies Intestate what does the administrator need to do to distribute the estate?

Answer 27

Obtain letters of administration

Question 28

What is a “declaimer” to a will?

Answer 28

A bequest that has been rejected by a beneficiary of a will

Question 29

When must a “Disclaimer” be written?

Answer 29

Within 2 years of the death and before the bequest is accepted

Question 30

What is a “Deed of Variation”?

Answer 30

A change to a will or the laws of intestacy be the beneficiaries (collective agreement)

Question 31

If a “Deed of Variation” is requested do those unaffected by the changes have a right to change the deed of variation?

Answer 31

No

Question 32

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

Answer 32

Conditions for a “Deed of Variation” to be accepted