WAE Principles

Question 1

What are the 3 types of grants of representation?

Answer 1

1) Grant of probate (valid will + at least one of appointed executors will act)

2) Grant of letters of administration with will but none of the executors appointed are willing or able to act

3) Grant of letters of administration when deceased died interstate

Question 2

What are the 3 options for Personal Representatives if they are unwilling to act?

Answer 2

1) Renunciation (not available if they’ve intermeddled)

2) Reserve Power to have option to apply for probate later via grant of double probate (doesn’t matter if intermeddled; must be at least one other executor to take out Grant of probate)

3) Appoint an attorney (lay person or professional; fees paid by estate; appointed either before or after executor has obtained a grant (if before the attorney must make parallel application for letters of administration with will alongside executors applying for grant of probate)

Question 3

IHT 400

Answer 3

= Form to notify HMRC about estate’s assets and liabilities

Use date of death values

For non-excepted estates

Deadline for submitting: 12mos from month of death

Question 4

IHT 421

Answer 4

= Sent by HMRC to Probate Registry as receipt/ confirmation of IHT 400

Probate Registry can then issue a grant of representation

Question 5

PA1A

Answer 5

= Paper application for grant of representation where deceased did not leave a will/ died interstate

NCPR 22 applies

Question 6

PA1P

Answer 6

= Paper application for grant of representation where deceased left valid will

Question 7

Succession estate

Answer 7

= Assets capable of passing under will or intestacy rules

Including: all property deceased owned beneficially at date of death that’s capable of passing to PRs under will or intestacy rules

Excluding: DMC, discretionary pension scheme benefits, insurance policies written in trust, statutory nominations, property held as beneficial joint tenants, other beneficial interests under trust, property held on trust

Question 8

Intestacy rules (s46 AEA statutory order of entitlement)

Answer 8

1) Spouse and Issue (children)
2) Spuse + no issue = spouse inherits
3) Issue + no spouse = issue inherits estate on statutory trust
4) Spouse + issue = spouse gets personal chattels; £322k statutory legacy; half residue. Issue gets half residue on statutory trust
5) No spouse + no issue = relative highest in statutory order (parents, full siblings, half siblings, grandparents, full uncles/ aunts, half uncles/ aunts, crown as bona vacantia). More than one person in category = divide estate equally

Relevant for intestate or partially intestate deceased

Question 9

IHT estate

Answer 9

= Death estate assets subject to inheritance tax

Included: jointly owned property, property subject to a reservation, DMC, statutory nominations (Friendly Soc, Industrial Soc, Provident Soc), some interests in possession created before 22 March 2006

Question 10

IPDFA 1975 application to vary the content of a will or an intestacy after deceased died - what are the 3 eligibility factors?

Answer 10

1) Within jurisdiction (domiciled within Eng/Wal

2) Within recognised category of applicants (souse, former spouse if not remarried, cohabitee as if were spouse but wasn’t, child/ person treated as child, person maintained wholly or partly by deceased immediately before death)

3) Within time limit (not more than 6mos after date grant of representation was made; can be before grant issued) but court has discretion to extend if special reasons shown by applicant