Will II Gifts and Intestacy Rules

Question 1

Explain intestate succession

Answer 1

the statutory method of distributing assets that are not disposed of by will, either because a decadent died without a valid will or because the decedent’s valid will failed to give away all of their property.

Question 2

Rules of distributing assets by intestacy if the deceased only has a surviving spouse without children

Answer 2

A spouse must survive the decedent by at least 28 days to take under intestacy

If the decedent left a spouse, the spouse is entitled to all the decedent’s property if the decedent left no issue

Question 3

Rules of distributing assets by intestacy if the deceased left a surviving spouse with children

Answer 3

Spouse take
1) tangible moveable property other than money (chattel excluding personal possessions)

2) 270k

3) half of the decedent’s remaining property splitting with children.

Spouse can require the PR of the estate to give the spouse the couple’s matrimonial home in partial or total satisfaction of the spouse’s interest (if exceeding share spouse must pay over difference)

Question 4

Order of entitlement if the decedent has no spouse nor children

Answer 4

Parents
siblings of whole blood (cousins)
siblings of half blood (cousins)
Grandparents
Aunts/Uncles of whole blood (cousins)
Aunts/Uncles of half blood (cousins)
Crown

Question 5

Meaning of per stirpes

Answer 5

‘by the root’ if a child predeceases the decedent but is survived by their own children, the children take on trust and split the parent’s share

Question 6

Property passing outside the will or intestacy (4)

Answer 6

1) beneficial joint tenant
(TnC/sole proprietorship pass under the will/intestacy)
2) proceeds of a life assurance policy pass to the beneficiary under contract law
3) National Saving bank account, friendly societies or in national saving certificate passes through a statutory written nomination
4) trust fund passes according to the terms of the trust fund