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SQE1 (FLK2) > Wills and Administration of Estates > Flashcards

Wills and Administration of Estates Flashcards

1
Q

Valid Will (3)

A
  1. Held capacity when will is made
  2. Intended to make will
  3. Executed will in accordance with formalities
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2
Q

Legal Formalities for Will Creation (5)

A
  1. In Writing
  2. Signed by the Testator
  3. Signed or Acknowledged by Testator in presence of two or more witnesses
  4. Signed by witnesses in presence of testator
  5. Does not apply to privileged wills
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3
Q

Grounds for Will Challenge (4)

A
  1. Force
  2. Fear
  3. Fraud
  4. Undue Influence
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4
Q

Will Revocation (3)

A
  1. New will executed
  2. Marriage unless intended to marry specific person
  3. Divorce
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5
Q

Mutual Wills

A

The agreement creates a constructive trust

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6
Q

Types of Legacy Gifts (4)

A
  1. Specific - Gift of particular asset
  2. General - Gift that does not identify particular item
  3. Pecuniary - Gift of cash
  4. Residuary - gift of rest of deceased’s estate
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7
Q

Devise

A

Gift of Real Property

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8
Q

Failure of Gift (2)

A
  1. Doctrine of Ademption - Specific gift fails if it no longer part of the estate
  2. Lapse - if beneficiary dies before testator, the gift fails
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9
Q

Step-Children

A

Don’t count as children

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10
Q

Class Closing Rules

A

Class closes when at least one benificiary has vested interest

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11
Q

Intestate Succession (3)

A
  1. Survived by spouse atleast 28 days - receives everything
  2. If Children, spouse receives personal chattels, 322k and 50% of remaining assets, matrimonial home in partial or total satisification
  3. Children take remaining 50%
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12
Q

Order of Entitlement if no spouse (8)

A
  1. Issue
  2. Parents
  3. Brother and Sisters of Whole Blood
  4. Brothers and Sisters of Half Blood
  5. Grandparents
  6. Uncle and Aunt of Whole Blood
  7. Uncle and Aunt of Half Blood
  8. Crown
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13
Q

Property owned as Joint Tenants (2)

A
  1. Passes outside of Will or Intestacy
  2. Part of the deceased estate for IHT
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14
Q

Life Interest Trusts (2)

A
  1. Do not pass by will or intestacy
  2. May be subject to IHT
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15
Q

Gift in which donor retained benefit (2)

A
  1. Does not pass by will or intestacy
  2. Part of IHT
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16
Q

Executor can renounce if they don’t get probate (5)

A
  1. In writing
  2. Statement that they have intermeddled
  3. Witness with no interest
  4. Filed at Probate Office
  5. Cannot rennounce part or reclaim
17
Q

Grants of Representation (3)

A
  1. Legal document that confirms person’s ability to administer an estate
  2. Government provided investments provided does not exceed 5000 quid
  3. Tangible property can be sold without grant of representation
18
Q

Grants of Probate

A

Valid Will names one or more executors who are willing and able to act

19
Q

Grants of Letters of Administration with Will Annexed

A

Valid Will but no executor able and willing to act

20
Q

Grants of Letters of Administration

A

Deceased without will

21
Q

Grants de bonis non

A

Second grant needs when last PR dies or previous grant prevoked

22
Q

Pre-Grant Procedure: Ways to pay tax liability

A
  1. Ask deceased bank
  2. Loan from bank or beneficiary
  3. Life Assurance policy proceeds
  4. Sell Estate Assets
  5. HMRC may allow the grant to be obtained on credit if the PRs can demonstrate it is impossible to pay the tax in advance
23
Q

Inheritance Tax: PR Deliver account

A

12 months. In practice, earlier because interest runs from 6 months

24
Q

Excepted Estate (2)

A
  1. Does not exceed 325k or 3 million and the net chargeable estate does not exceed IHT threshold
  2. Non-UK domiciled estate if UK estate is cash and/or quoted shares which do not total more than 150,000
25
Q

Duties of Personal Representatives (7)

A
  1. Collect monies due and other assets that vest in them
  2. Administer the estate
  3. Pay debts and legacies, distribute estates
  4. Comply with standard of care
  5. Trustee Act 2000 applies
  6. Reasonable care and skill
  7. Best interest of beneficiaries
26
Q

PR Liability (3)

A
  1. May be sued for breach
  2. Court can relieve PR if acted honestly and reasonable and ought fairly to be excused
  3. Testator can exclude PR liability
27
Q

Powers of PR (9)

A
  1. Sell, mortgage or lease assets
  2. Appropriate
  3. Appoint trustees of property for minor
  4. Maintain minor
  5. Advance capital
  6. Insure
  7. Delegate
  8. Indemnify for Expenses
  9. Run deceased’s business
28
Q

Protection of PRs (4)

A
  1. Comply with s.27
  2. Place advert in London Gazette, Local newspapers, trade publications
  3. Creditors and beneficiaries must have atleast two month period to approach
  4. Wait 6 months before distributing estate
29
Q

Payment of Debts: Solvent Estate (Unsecured Debts) (6)

A
  1. Property not disposed of in will
  2. Property which forms part of the residue
  3. Property given for payment of debts
  4. Property specifically charged with debt payments
  5. Fun for pecuniary legacies unless testator specified otherwise (abate proportionately)
    6 Property specifically bequeathed or devised
30
Q

Payment of Debts: Insolvent Estate (Order of Creditors) (5)

A
  1. Funeral, Testamentary and Admin
  2. Preferred Debts (maximum 800 each)
  3. Ordinary Debts
  4. Interests on preferred and ordinary debts
  5. Deferred debts
31
Q

Claims under the 1975 Act (2)

A
  1. Reasonable financial provision not made for them
  2. Spouse, Ex-Spouse if not remarried, Child or Person treated as Child, Person Maintained, Person who cohabited with deceased for atleast two years
32
Q

Payment of Legacies (4)

A
  1. Chattels - Handed Over
  2. Stocks and Shares - Transfer Form
  3. Property- Conveyancing by Deed
  4. Pecuniary Legacies - Residue

SQE1 (FLK2) (7 decks)

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