Wills And Inheritance Flashcards
What is a benificary?
A person who receives benefits under the will
What is a bequest?
A gift of personal property by means of a will, usually not money
What is devise?
A gift of real property (house or land)
What is estate?
All assets and all liabilities of the will maker
What is an executor?
A person appointed to carry out the directions regarding property contained in the will
What is a grant of probate?
The giving of approval to the executor to deal with the estate after the registrar of probated or the Supreme Court has accepted the will as valid
What is dying intestate?
Dying without a will
What is a legacy?
A gift of money
What is a probate parchment?
Document certifying that the will has been approved (declared valid)
What is a testator?
A person who makes a will
What is codicil?
Modifications/ changed to an existing will which are added at a later date
What are the 3 acts relating to will and inheritance?
Administration and probate act 1958
The wills act 1997
The statute law amendment (relationships) act 2001
What is the administration and probate act 1958?
If a person dies intestate his or her assets will be distributed according to the rules set out in this act
What is the wills act 1997
Covers the requirements of a valid will: Testamentary capacity Over 18 In writing Signed Witnessed and dated
What is the statute law amendment (relationships) act 2001
Replaced the term spouse with “domestic partner” therefore allowing distribution to defacto and same sex partners
What happens when someone dies intestate with a partner and no children
All estate goes to the partner
What happens when a person dies intestate with a partner and children
If more than $100,000 in in the estate the first $100,000 goes to the partner plus 1/3 of the remainder. The rest goes to the children equally
What happens if someone dies intestate with only children
Shared equally between children
What happens when there’s no next of kin? In intestacy
To the crown
What must happen before an intestacy estate is distributed?
Apply for letters of administration
Place advertisement on Supreme Court website
Appoint administrator
Lodge documents
How old must a person be to make a will?
- Minors may make a will if they’re married or have obtained a court order to authorise the making of a will
What does the court take into consideration when determining whether a person omitted from a will is entitled for money?
- the will makers moral responsibility to provide for the applicant
- the type and length of relationship with the applicant
- the size and nature of the estate and any benifits already given to the applicant
What are 4 reasons a will could be invalid
- a later will exists or the will has been revoke
- the will make lacked testimonitary capacity
- the will has been tampered with
- the will maker was under pressure from others to write the will
What is probate?
The legal process for proving the validity of a will and gives legal status to the executor to deal with the deceaseds estate (granted by sup court)
What is gaining probate parchment
If the registrar of probated is satisfied that all the paperwork is correct, a grant if probate is given and the probate parchment is issued
How can a will be revoked
Make a new will
You destroy the will
Will maker marries or remarries, unless will is made in contemplation of marriage
What are the 4 legal requirements of a valid will?
- will maker must be over 18 unless married
- will maker must have testimonetory capacity
- a will must be written (handwritten, typed, printed)
- must be signed on every page, witnessed and dated
What are 3 methods for solving dispute relating to wills?
Family relationship centres
Community legal services
Supreme Court
What is a family relationship centre?
People with a dispute in relation to wills or inheritance can seek advice from here. The centre can give advice and can organise mediation if required
What is a community legal services?
Can give advice and cam advise the parties to a dispute where to go for further assistance
Solving a dispute in the Supreme Court for wills
If a dispute cannot be resolved in any other way, the matter van be taken to the Supreme Court, the decision is binging
What is an administrator?
A person appointed by the court to administer the estate in cases of total or partial intestacy
What is the legal situation for domestic partners?
The statute law amendment (relationships) act 2001 changed the law to recognise domestic partners
How well did the legal system respond for demands for change regarding wills and inheritance?(3)
The standing committee of attorneys - general developed uniform succession laws
- the committee worked for over 14yrs to research
- as a result, it recommended 70 changes to laws governing wills in vic
