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SQE FLK2 > Wills and Estates Law > Flashcards

Wills and Estates Law Flashcards

1
Q

What are the formal requirements for a Will?

A
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2
Q

What is meant by testamentary capacity?

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3
Q

What is meant by duress?

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4
Q

What are the requirements of a personal representative?

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5
Q

Key points regarding the appointment of executors?

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6
Q

What is meant by renunciation? and what are the reprocussions?

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7
Q

What is meant by reservation of powers?

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8
Q

How can successful alterations be made to a Will?

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9
Q

What is the affect of alterations made to wills both before and after execution?

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10
Q

What are the requirements of codicils?

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11
Q

What are the methods of revocation?

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12
Q

What is the effect of marriage on a Will?

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13
Q

What is the effect of divorce on a Will?

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14
Q

What are the effects of a different types of gift?

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15
Q

How do gifts fail?

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16
Q

What are the Intestacy rules: s46 The Administration of Estates Act 1925, statutory trusts?

A
17
Q

What types of property pass outside the estate?

A

Joint property, life policies, pension scheme benefits, trust property

18
Q

When is a grant required?

A
19
Q

What are the relevant provisions of Non-Contentious Probate Rules?

A
20
Q

How are assets and liabilities valued?

A
21
Q

What is meant by excepted estates?

A
22
Q

What are the methods of funding an initial payment of IHT?

A
23
Q

What are the rules regarding IHT and the burden this carries?

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24
Q

Which lifetime transfers that are immediately chargeable?

A
25
Q

Which lifetime transfers are potentially exempt?

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26
Q

What happens to transfers on death?

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27
Q

What are the IHT exemptions and reliefs?

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28
Q

What is the scope of anti-avoidance provisions?

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29
Q

What are the duties of personal representatives?

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30
Q

What are the liabilities of personal representatives?

A
31
Q

What are the protections offered to personal representatives?

A
32
Q

When is the sale of assets required to raise funds to pay funeral expenses, tax, debts and legacies?

A
33
Q

How is the estate distributed?

A
34
Q

Who can make a claim and on what grounds under the 1975 Act?

A
35
Q

What are the time limits for 1975 Act?

A
36
Q

What is the personal representatives liability to income tax and CGT?

A
37
Q

Are beneficiaries’ liable to Capital Gains Tax on inherited assets?

A

SQE FLK2 (7 decks)

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