Wills, Intestacy & POA Flashcards
What are the names given to the the person whom makes the Will and the people who administer the Will?
Testator (Person who makes the Will) Executors (Administer the Will)
Can a Beneficiary also be an Executor?
Yes
How many people must witness the signing of the Will?
Two
What 3 criteria must be met by a Testator?
- Must have mental capacity
- Must not be under duress
- Must be 18 or over
Witnesses have to witness the Will being signed, what else do they have to do?
Sign it themselves
What happens if a Beneficiary Witnesses the Will?
The Will wont be invalid but the Beneficiary cannot inherit under the Will.
What are the 4 criteria that can lead to a Will being Revoked?
- Marriage or re-marriage (unless the Will makes reference to a forthcoming marriage)
- The making of another Will
- Deliberate destruction (the intention to revoke a Will)
- Declaration by the Testator that the Will is revoked
What is one particularly important factor for the Testator when revoking a Will?
That they retain Mental Capacity.
When a Will is revoked by making another Will, what should be stated in the new Will and what process would help?
That the previous Will is revoked and the dating of Wills would help in evidencing which is the new Will.
Divorce does not revoke a Will, but what is the treatment of the Ex-Spouse/CP and what document must have been produced?
They are treated as having died from the date of The ‘Decree Absolute’ document.
Describe a situation where a Divorced Beneficiary can still benefit under a Will?
Where the Will specifically states that it will disregard any divorce.
How can a Testator replace an Executor?
By making a new Will or a Codicil
What is the document called that allows the Estate to be distributed? And what has to be settled before this document is issued?
A Grant of Probate. Any Inheritance tax due must be settled.
If an Executor is unable or unwilling to Act, what happens then?
A Court or the Probate Registry will appoint an Administrator
What is the role of an Executor?
To distribute the Estate in accordance with the Wishes of the Testator
Provide a description of Mirror Wills
Where two people generally want to make similar Wills, leaving their assets to each other and then Children.
What action can a Spouse/CP take if their Partner had previously amended the Mirror Will without their knowledge?
They too can amend their Will and take Legal action against their Partner/Ex Partner
What is a Codicil used for and what process must be followed when making one?
It is for small changes to a Will, major changes would require a new Will. It must be witnessed by at least 2 people.
What is a Statutory Will?
A Will made by the Court of Protection for somebody who lacks Mental Capacity.
Who will the Court of Protection consult when making a Statutory Will?
Anyone who may be affected.
Under Intestacy, what is the document called that authorises the Administrator to distribute the Estate once IHT has been settled?
Letters of Administration
According to Intestacy how will and Estate be distributed if there is a Spouse/CP and Children (Issues)?
- First £250k to Spouse/CP
2. Residual is split 50% to Spouse/CP and 50% to Children
What if their are no Children (Issues)
Everything to Spouse/CP
What if there is no Spouse/CP but Family members?
- Children
- If none, Grand Children
- If none, Parents
- If none, Siblings
- If none, Grand Parents