Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

SQE 1 > Wills and Estate Administration > Flashcards

Wills and Estate Administration Flashcards

1
Q

Valid Will

A
  1. Held capacity when will is made
  2. Intended to make will
  3. Executed will in accordance with formalities
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Grounds for Will Challenge

A
  1. Force
  2. Fear
  3. Fraud
  4. Undue Influence
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Legal Formalities for Will Creation

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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Will Revocation

A
  1. New will executed
  2. Marriage unless intended to marry specific person
  3. Divorce
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Mutual Wills

A

The agreement creates a constructive trust

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Types of Legacy Gifts

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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Devise

A

Gift of Real Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Failure of Gift

A
  1. Doctrine of Ademption
  2. Lapse
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Step-Children

A

Don’t count as children

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Class Closing Rules

A

Class closes when at least one benificiary has vested interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Intestate Succession

A
  1. Survived by spouse atleast 28 days - receives everything
  2. If Children, spouse receives personal chattels, 270k and 50% of remaining assets, matrimonial home in partial or total satisification
  3. Children take remaining 50%
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Order of Entitlement if no spouse

A
  1. Issue
  2. Parents
  3. Brother and Sisters of Whole Blood
  4. Brothers and Sisters of Half Blood
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Life Interest Trusts

A
  1. Do not pass by will or intestacy
  2. May be subject to IHT
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Gift in which donor retained benefit

A
  1. Does not pass by will or intestacy
  2. Part of IHT
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Executor can renounce if they don’t get probate

A
  1. In writing
  2. Statement that they have intermeddled
  3. Witness with no interest
  4. Filed at Probate Office
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Grants of Representation

A
  1. Legal document that confirms person’s ability to administer an estate
17
Q

PRs able to ask for cash payment

A
  1. Government provided investments not exceeding 5000 quid
  2. 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
23
Q

Inheritance Tax: PR Deliver account

A

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

24
Q

Duties of Personal Representatives

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
25
Q

PR Liability

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
26
Q

Powers of PR

A
  1. Sell, mortgage or lease assets
  2. Appropriate
  3. Appoint trustees of property for minor
  4. Maintain minor
  5. Advance capital
27
Q

Protection of PRs

A
  1. Comply with s.77
  2. Place advert in London Gazette, Local newspapers, trade publications
  3. Creditors and beneficiaries must have atleast two month period to approach
28
Q

Payment of Debts: Solvent Estate (Unsecured Debts)

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
    6 Property specifically bequeathed or devised
29
Q

Payment of Debts: Insolvent Estate (Order of Creditors)

A
  1. Funeral, Testamentary and Admin
  2. Preferred Debts (maximum 800)
  3. Ordinary Debts
  4. Deferred Debts
30
Q

Claims under the 1975 Act

A
  1. Reasonable financial provision not made for them
  2. Spouse, Ex-Spouse if not married, Child or Person treated as Child, Person Maintained, Person who cohabited with deceased for atleast two years
31
Q

Payment of Legacies

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

SQE 1 (15 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions