Wills and Admin workshop 1 Flashcards
Where do assets fall which do not pass under the will?
Intestacy
What property falls outside of the wills and intestacy rules
Joint property, Insurance policies, pension benefits, something in trust, lump sum of a pension scheme.
Whats the purpose of a revocation clause?
Makes the earlier wills invalid
What three must be present for a valid will?
- Capacity
- Intention
- Formalities
To have capacity what must the testator show?
That they understand the nature of the act and its effect and the extent of their property.
What is the golden rule?
If S is unsure if they have capacity, he can request they get checked by a medical professional and evidence such action via a report
How is intention determined
If they intend to make a will and that particular one and they know and approve of the will at the time it’s executed. If so they requisite knowledge and approval is presumed
When does the presumption of requisite knowledge and approval not apply
If the testator is blind or illiterate or there are suspicious circumstances.
What are the ground for stopping the will to be admitting to probate?
- Fear, fraud, undue influence
Under section 9 of the Wills Act, what are the main formalities
- Must be in writing
- Must be signed by T and witnessed by two others in his presence who also sign.
- Must intend to give effect to the will
What happens if the beneficiary or their spouse witnesses the will?
- Their part is void but the will is still valid
How can you show compliance in a will with the formalities of section 9?
Attestation clause
What happens if there is no attestation clause?
The witnesses will need to sign a affidavit
What will fall outside of the section 9 formalities?
Privileged wills.
Once the intestacy rules are in play, how do they work?
They act as an express trust over the property which allows the PRs to deal with the estate.
What is an issue?
means all direct descendants of the deceased and includes adopted children and those children who were born when their parents were not married. But step children are not included.
Entitlement of a spouse?
All personal chattels, statutory legacy £322,000 and half of the residue estate.
What’s the difference between a vested interest and a contingent one?
Vested – granted right away, contingent – conditional upon something
How is a statutory trust applied.
- Issues of children of the testator who do not have a vested interest will be treated as if they predeceased the intestate
