Validity of Wills Flashcards
How does joint property pass on death?
If it is held by more than one person as beneficial joint tenants, upon the death of one their interest passes by survivorship to the surviving joint tenant
How does property pass for tenants in common?
Under their will/intestacy rules
How do insurance police pass on death?
The deceased’s PR will distribute it according to the will or intestacy rules
How do pension benefits pass after death?
Family or dependants chosen at the trustee’s disscretion
How does trust property pass on death?
The trust property will devolve according to the terms of the trust and not the deceased life tenant’s will
What is a specific gift?
Specific items which the testator owns
What are general gifts?
Items corresponding to a description
If T does not own the item at death, the executor must obtain the item using funds from the estate e.g shares
What is a demonstrative gift?
General in nature but is directed to. be paid from a specific fund e.g, paid from a bank account
What is pecuniary gift?
Gift money
What is a residuary gift?
All the money and property left after the testator’s debts. the expenses of dealing with the estate and the other gifts made under the will have all been paid
What are the 3 requirements of a will?
Capacity, intention and formalities
What is the definition of testamentary capacity?
‘Soundness of mind, memory and understanding’
What must testators understand when they create a will?
- The fact that they are making a will which will have effect on their death
- The extent of their proeprty
- Moral claims to be considered
When must testator’s have capacity?
At the time they execute their wills
What is the effect is the testator lacks capacity?
The will is void