Wills and Estate Administration Revision Flashcards
If a beneficiary has predeceased the testator, the gift to them will lapse
If the subject of a general legacy is not in the estate, the beneficiary is entitled to require the executor to purchase it if the estate has sufficient funds
An unborn child already conceived when the class closes and subsequently born alive is considered a living beneficiary
A life estate ceases on the beneficiary’s death
A life estate ceases on the beneficiary’s death
Benjamin Order
A court order giving the personal representative (PR) leave to distribute the estate taking into account a possible claim from a person who cannot be found
Individuals have six months to make financial provision claims, but there is no such time limit for known creditors
A variation allows a beneficiary to change who receives their inheritance. To be effective for tax purposes, a variation must be made in writing, made within two years of death, and not made for monetary consideration
Under the 1975 Act a person who was living with the decedent as a partner (such as the man’s long-term partner) during the whole of the two-year period immediately before the decedent’s death is eligible to bring a claim under the Act even if they were not married or civil partners
If there are concerns over the validity of a will what should the concerned parties do whilst the will is further investigated?
Lodge a caveat at the Probate Registry
Caveats are valid for up to six months, and if the matter cannot be resolved, it may end up with a judge determining the issue
Property specifically gifted in the will should not be used to pay debts unless other assets have been exhausted
The inheritance tax threshold is currently £325,000
An estate can be excepted if specified transfers do not exceed £150,000 in the seven years before the deceased’s death.
A marriage revokes a pre-existing will unless it is clear from the will that: (1) the testator was expecting to marry a particular person, and (2) the testator intended that the will should not be revoked by the marriage.
General legacy: if the source of the funds no longer exists or has insufficient funds to meet the legacy, the executor can meet any shortfall from other cash or assets in the estate.
Lapse applies when a beneficiary dies before the testator
A minimum of two administrators is required when there is a minor beneficiary
Parents take an deceased’s estate only when there is no surviving spouse or issue
A testator is presumed to have had mental capacity unless someone challenging the validity of the will proves the testator lacked capacity.
Merely being elderly is not a basis for assuming a person lacks capacity.
PRs are not entitled to charge for services unless it is authorised in some way-either by the court, the will, or the beneficiaries.
The court can authorise remuneration for PRs for past, present, or future services.
The court can authorise remuneration for PRs for past, present, or future services.
A citation to accept or refuse a grant is used to clear off a person with a prior right to any type of grant who has not applied for a grant and shows no intention of doing so.