Wills And Intestacy Flashcards
What are the duties of an executor
Prove the will to obtain grant if probate
Collect assets of deceased
Pay debts
Pay tax liabilities
Submit iht return
Distribute the estate in accordance with a will
When must IHT be paid
Before grant of probate is issued
What are the requirements for a will to be valid
18+ and of sound mind Maee de voluntarily In writing Signed by testator Witnessed by 2 independent witnesses
What does the administrator apply for (intestacy)
Grant of letters of administration
If somebody dies with no will and there are spouse and children how is the estate distributed
Spouse - all personal chattels
Spouse £250k plus half remaining estate
Children receive half the estate
Who inherits if there are no spouse, children or grandchildren
Parents if none then brother or sister
If there are no spouse children grandchildren parents or brothers or sisters who inherits the estate
Crown
What is the current residence nil rate band
£150k
What did there need to be for a deed of variation to be effective for IHt purposes
Must refer to will or intestacy being varied
Must be done within 2 years of death
Must contain a statement to say the variation is to have effect for IHt purposes
Must be signed by all making variation
Must be no consideration
If someone exercises a disclaimer what does that mean
Property is not accepted as inheritance
Is a disclaimer a transfer of value for IHt
No property goes back to the estate
How can you revoke a will
Destroy it or make a new will revoking all previous wills
Voluntarily
Testator must have mental capacity
Intention to revoke
Make revocation by document informal declaration or actual destruction
Marriage revoked previous will unless made in anticipation
If spouse is executor it is cancelled divorce
Divorce cancels benefit to former spouse unless wording says other wise
Is personal allowance reduced if death occurs part way through tax year
No
How is income taxed on the estate if received after seat
At basic rates with no allowances
How long are the personal representatives allowed to claim CGT exemption after death
2 years
