Will/ Power Of Attorney/ Deed Of Variation

Question 1

Responsibilities of the executor?

Answer 1

Establish the asset and debts of the estate / net value
Apply to HMRC complete PA1 form/ IHT400/ relevant forms
Pay the IHT bill
Obtain probate
Gather the assets of estate and monies owed
Pay off outstanding debts/ tax /mortgage
Distribute the net proceed the named beneficiaries
Act with due care/ best interest of estate

Question 2

Conditions that must be satisfied fro a deed of variation to be valid?

Answer 2

The deed must refer tote will
All beneficiaries must be over the age of 18
All beneficiaries must be of a sound mind
Must be executed within 2 years of death
Must contain a statement to the effect that is is for IHT as if the deceased had made it
It must be signed by all beneficiaries who’s entitlement is being varied
There must be no consideration for money or money’s worth

Question 3

LPA

Answer 3

●Enables attorney to continue in the event of mental incapacity
●Two types:
●Property and Financial Affairs
●Health and Welfare
●Person must be mentally capable when written
●Powers – general or restricted, individual/joint attorneys
●Must be registered with Office of Public Guardian (OPG) to come into effect
●If Attorney breaches duties can be made compensate for losses

Question 4

EPA

Answer 4

●Pre October 2007 Power enabling an attorney to act on the donor’s behalf in the event of mental incapacity
●Person must be mentally capable at outset
●Must be registered with Public Guardian when donor starts to lose mental capacity
●Powers – general or restricted, individual/joint attorneys
●Still valid today but does not cover health or welfare. A Health & Welfare LPA could be used for this purpose to supplement the EPA