Wills Flashcards
A will is a legal declaration made by ……. naming one or more …….. to administer the estate, setting out how the assets are to be distributed to the …….
Testator
Executors
Beneficiaries
Name four benefits of making a will?
(1) Control over destination of assets
(2) Tax efficiency
(3) Nominate guardians
(4) Make special bequests
Can an executor be a beneficiary?
Yes
What if a testator cannot sign the will?
Can make a mark or can be signed by someone in the testators presence acting under their instruction.
State four requirements to qualify and sign as a Testator?
(1) Mental capacity
(2) Aged 18 or over
(3) Not be making a will under duress
(4) At least two witnesses present who must also sign
Is there a legal requirement for the will to be dated?
No, but it is good practice.
What is the impact of a beneficiary or spouse being a witness?
The will would still be valid be the beneficiary could not inherit under the will.
Name two situations that cause is a will to be revoked?
(1) By the testator if mentally capable by;
(a) Deliberate destruction
(b) A declaration
(c) Making a later will and stating previous wills are revoked
(2) Marriage unless makes reference to the marriage
Is a will automatically revoked by divorce?
No but ex-spouse is treated as having died from the decree absolute, unless the will states otherwise, if spouse was an executor this is also revoked.
What are the seven duties of an executor?
(1) Valuing the estate
(2) Collecting and Protecting Assets
(3) Submitting accounts to HMRC form PA1
(4) Paying debts and IHT
(5) Obtaining probate
(6) Distributing the estate in accordance with the will
(7) Preparing accounts for beneficiaries
When will the grant of probate be been given by the Probate Registry enabling the assets to be distributed?
When IHT has been paid
Who distributes the estate if there are no executors or they refuse to act ?
An Administrator appointed by the court or agreed with the Probate Registry
How can a testator replace or appoint a new executor
A new Will or a Codicil (Amendment)
What is a Mirror will?
Identical single wills, that are not binding on each other and are possible to amend at any stage.
What is a Mutual will?
Two people make wills with a contract that on first death the survivors’ will remains unchanged, can only be revoked if both consent. They can be enforced by the beneficiaries. They are inflexible and don’t allow for a change in circumstances after first death.