Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

SQE general > WAE WK 4 > Flashcards

WAE WK 4 Flashcards

1
Q

What is an estate?

A

All the property a person owns at their death.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What does the Wills Act 1837 allow?

A

A person to decide how their estate is distributed after their death.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What happens to the property if the will doesn’t specify how it should be distributed?

A

It devolves upon the executor or administrator.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the two key issues when distributing an estate?

A

(1) Whether a valid will exists, and (2) the nature of the assets involved.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a testator?

A

A deceased person who left a valid will.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is intestacy?

A

Dying without a valid will.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is partial intestacy?

A

When a will exists but doesn’t cover all the deceased’s assets.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

If Cassie makes a will leaving her car to her brother but forgets to mention her house, what happens to the house?

A

The house will be distributed according to intestacy rules as it was not covered by the will.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is the age requirement for beneficiaries to inherit under the intestacy rules?

A

18 years old

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What happens if a beneficiary dies before the intestate, but they have children?

A

Their children (the intestate’s grandchildren) can inherit, provided they are at least 18 years old.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

List the order of entitlement if someone dies intestate without a spouse or children.

A

Parents, siblings (whole blood), siblings (half-blood), grandparents, uncles/aunts (whole blood), uncles/aunts (half-blood).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What happens to the estate if there are no surviving relatives under the intestacy rules?

A

It passes to the Crown as bona vacantia.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Where do you find information about the ownership of registered land?

A

On the Proprietorship Register of the Official Copies.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What does Class of Title indicate?

A

The Land Registry’s level of confidence in the registered proprietor’s ownership.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is the most favorable Class of Title?

A

Title Absolute.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What should a buyer’s solicitor do if the property has a Class of Title other than Title Absolute?

A

Report to the client, check lender requirements, advise on title indemnity insurance, and consider upgrading to Title Absolute.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Who is the Registered Proprietor?

A

The person(s) listed as the owner(s) on the Proprietorship Register.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Besides individuals, what other entities can be Registered Proprietors?

A

Limited Liability Partnerships (LLPs) and Companies.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What additional information is included in the Proprietorship Register?

A

Price paid, indemnity covenants, and restrictions on the proprietor’s right to sell.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is the maximum number of co-owners that can be registered on a property?

A

Four individuals, LLPs, or companies.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is beneficial entitlement?

A

It refers to the rights a beneficiary has to trust property.

22
Q

In a fixed trust, who determines the beneficiaries’ entitlements?

A

The settlor (the person who created the trust).

23
Q

Do trustees have discretion in distributing assets under a fixed trust?

A

No, they must follow the settlor’s instructions.

24
Q

What is a key characteristic of a discretionary trust?

A

Trustees have the power to decide how to distribute assets among a class of potential beneficiaries.

25
Q

Do beneficiaries of a discretionary trust have an automatic right to trust property?

A

No, only if the trustees exercise discretion in their favor.

26
Q

What is a Power of Appointment?

A

It allows the donee to choose which individuals within a specified class will receive trust property.

27
Q

What is the difference between a fiduciary power and a personal power?

A

A fiduciary power is given to a trustee and must be considered periodically; a personal power is given to a non-trustee with no obligation to exercise it.

28
Q

What is a vested interest?

A

A current, certain right to property.

29
Q

Explain the difference between vested in possession and vested in interest.

A

Vested in possession: Current right to enjoy the property; Vested in interest: Current right to property, but enjoyment is delayed.

30
Q

What is a contingent interest?

A

A right to property dependent on a future uncertain event.

31
Q

What does capital represent in a trust?

A

The lasting asset of the trust, like land or money.

32
Q

What does income represent in a trust?

A

The regular proceeds generated by the capital assets, like rent or dividends.

33
Q

If a sole beneficiary is absolutely entitled to a trust, what happens to the income generated?

A

They receive it as it arises if they are an adult, or the trustees manage it if they are a minor.

34
Q

In a successive interest trust, who is entitled to the income and who is entitled to the capital?

A

The life tenant receives the income, and the remainder beneficiary receives the capital after the life tenant’s death.

35
Q

What does the Milroy v Lord rule state?

A

If legal title is not transferred, a gift or trust fails.

36
Q

Name two Milroy v Lord exceptions that apply upon the death of the transferor.

A

Fortuitous Vesting and Donationes Mortis Causa (DMC).

37
Q

What is Fortuitous Vesting (Strong v Bird)?

A

When the intended recipient becomes the executor of the transferor’s estate, thus obtaining legal title through their role.

38
Q

List the three conditions for Fortuitous Vesting to apply.

A

(1) Intention to make an immediate gift,

(2) Continuing intention until death,

(3) Recipient becomes an executor of the donor’s estate.

39
Q

What are Donationes Mortis Causa (DMC)?

A

Deathbed gifts made in contemplation of imminent death, where the donor parts with dominion over the property.

40
Q

Give an example of a valid DMC.

A

Handing someone the keys to a safe containing title deeds to a house, while stating the house is theirs if the donor dies.

41
Q

What is the main purpose of estate administration?

A

To legally manage and distribute a deceased person’s assets according to their will or intestacy rules.

42
Q

What is the difference between an executor and an administrator?

A

An executor is named in the will, while an administrator is appointed by the court if there’s no valid will or no executor can act.

43
Q

What is a grant of representation?

A

A court order that authorizes a PR to deal with the deceased’s assets.

44
Q

What are the three main types of grants of representation?

A

Grant of Probate, Grant of Letters of Administration (with will), and Grant of Letters of Administration.

45
Q

When is a grant of probate issued?

A

When there’s a valid will and named executors willing and able to act.

46
Q

Name three assets that can be distributed without a grant of representation.

A

Assets outside the succession estate, assets under the Administration of Estates (Small Payments) Act 1965, and personal household possessions.

47
Q

What is the statutory limit for asset value under the Small Payments Act 1965?

A

£5,000 per asset.

48
Q

What are the preliminary steps PRs should take before applying for a grant?

A

Register the death, arrange the funeral, locate the will, inform beneficiaries, schedule assets and liabilities, notify relevant institutions.

49
Q

Who can apply for a grant of letters of administration if there is a valid will but no acting executor?

A

The trustee of the residuary estate, a residuary beneficiary, or other beneficiaries/creditors in that order of priority.

50
Q

What is the order of priority for applying for a grant of letters of administration in an intestate estate?

A

Surviving spouse/civil partner, children, parents, siblings (whole blood), siblings (half-blood), and so on.

SQE general (24 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions