Wills And Inheritance

Question 1

What is a benificary?

Answer 1

A person who receives benefits under the will

Question 2

What is a bequest?

Answer 2

A gift of personal property by means of a will, usually not money

Question 3

What is devise?

Answer 3

A gift of real property (house or land)

Question 4

What is estate?

Answer 4

All assets and all liabilities of the will maker

Question 5

What is an executor?

Answer 5

A person appointed to carry out the directions regarding property contained in the will

Question 6

What is a grant of probate?

Answer 6

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

Question 7

What is dying intestate?

Answer 7

Dying without a will

Question 8

What is a legacy?

Answer 8

A gift of money

Question 9

What is a probate parchment?

Answer 9

Document certifying that the will has been approved (declared valid)

Question 10

What is a testator?

Answer 10

A person who makes a will

Question 11

What is codicil?

Answer 11

Modifications/ changed to an existing will which are added at a later date

Question 12

What are the 3 acts relating to will and inheritance?

Answer 12

Administration and probate act 1958
The wills act 1997
The statute law amendment (relationships) act 2001

Question 13

What is the administration and probate act 1958?

Answer 13

If a person dies intestate his or her assets will be distributed according to the rules set out in this act

Question 14

What is the wills act 1997

Answer 14

Covers the requirements of a valid will:
Testamentary capacity 
Over 18
In writing
Signed
Witnessed and dated

Question 15

What is the statute law amendment (relationships) act 2001

Answer 15

Replaced the term spouse with “domestic partner” therefore allowing distribution to defacto and same sex partners

Question 16

What happens when someone dies intestate with a partner and no children

Answer 16

All estate goes to the partner

Question 17

What happens when a person dies intestate with a partner and children

Answer 17

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

Question 18

What happens if someone dies intestate with only children

Answer 18

Shared equally between children

Question 19

What happens when there’s no next of kin? In intestacy

Answer 19

To the crown

Question 20

What must happen before an intestacy estate is distributed?

Answer 20

Apply for letters of administration
Place advertisement on Supreme Court website
Appoint administrator
Lodge documents

Question 21

How old must a person be to make a will?

Answer 21

18. Minors may make a will if they’re married or have obtained a court order to authorise the making of a will

Question 22

What does the court take into consideration when determining whether a person omitted from a will is entitled for money?

Answer 22

• 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

Question 23

What are 4 reasons a will could be invalid

Answer 23

• 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

Question 24

What is probate?

Answer 24

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)

Question 25

What is gaining probate parchment

Answer 25

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

Question 26

How can a will be revoked

Answer 26

Make a new will
You destroy the will
Will maker marries or remarries, unless will is made in contemplation of marriage

Question 27

What are the 4 legal requirements of a valid will?

Answer 27

• 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

Question 28

What are 3 methods for solving dispute relating to wills?

Answer 28

Family relationship centres
Community legal services
Supreme Court

Question 29

What is a family relationship centre?

Answer 29

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

Question 30

What is a community legal services?

Answer 30

Can give advice and cam advise the parties to a dispute where to go for further assistance

Question 31

Solving a dispute in the Supreme Court for wills

Answer 31

If a dispute cannot be resolved in any other way, the matter van be taken to the Supreme Court, the decision is binging

Question 32

What is an administrator?

Answer 32

A person appointed by the court to administer the estate in cases of total or partial intestacy

Question 33

What is the legal situation for domestic partners?

Answer 33

The statute law amendment (relationships) act 2001 changed the law to recognise domestic partners

Question 34

How well did the legal system respond for demands for change regarding wills and inheritance?(3)

Answer 34

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