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Wills and Estates > Administration: Grants of Representation > Flashcards

Administration: Grants of Representation Flashcards

1
Q

When is a grant of probate required?

A
  • The deceased left a valid will
  • The will appoints executors
  • At least one of the executors appointed is going to act
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2
Q

When are letters of administration (with Will) required?

A
  • the deceased left a valid will
  • but the will appoints no executors who are willing/able to act.
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3
Q

When are letters of administration required?

A

the deceased died without having made a valid will

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4
Q

What does the Administration of Estates (Small Payments) Act 1965 allow for?

A

permits payments to be made to persons who appear to be beneficially entitled to the assets without formal proof of title.

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5
Q

What are small payments act distributions restricted to?

A
  • National Savings (Bank accs, Savings Certificates, Premium Bonds)
  • Friendly/Industrial/Provident Society deposit accounts.
  • Arrears of salary and wages
  • Pensions where dec’d was police, fire authority, air force or army.
  • Building society accounts
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6
Q

What is the upper financial limit for small payments?

A

£5000 per asset

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7
Q

What assets can be distributed without a grant?

A
  • Assets which can be distributed under the Administration of Estates (Small Payments) Act 1965
  • Personal household possessions
  • Cash
  • Property not devolved on PRs
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8
Q

What assets pass outside the succsession estate?

A
  • Property owned as joint tenants
  • Life policies written in trust, discretionary pension lump sums nominated for a third party, and other nominated assets
  • Donationes mortis causa
  • Assets held in a trust in which the deceased had an interest
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9
Q

What are the pre-grant steps?

A

Death certificate/ funeral
Secure the estate assets
Locate and Will / Codicil
Basis of distribution
Assets/liabilities schedule
Lifetime transfers

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10
Q

What do PRs need to contact organisations about once the asset schedule is created?

A
  • notify them of the death and provide a copy death certificate
  • request confirmation of the value of the asst at the date of death
  • request instructions for how to close an account / transfer ownership
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11
Q

How do you establish the value of bank accounts?

A

DOD balance + accrued interest

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12
Q

How do you establish the value of Joint accounts?

A

Proportion, 50/50 often presumed

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13
Q

How do you establish the value of Low value chattels?

A

usually acceptable to estimate (value if sold)

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14
Q

How do you establish the value of Single items > £500 (or unusual items)?

A

formal probate valuation

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15
Q

How do you establish the value of Quoted shares?

A

rules for DOD value - stock exchange price on that date.

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16
Q

How do you establish the value of Private co shares / partnership interests / sole trader business?

A

specialist valuer instructed.

17
Q

How do you establish the value of Shares/financial investments through financial services company?

A

broker will provide a list of shareholdings /investments and DOD values

18
Q

How do you establish the value of Land?

A

estate agents valuation, commonly more than one

19
Q

How do you establish the value of Jointly owned land?

A

share established, may need to see office copies

20
Q

Who cannot act as a PR?

A
  • pre-deceased testator (or survived but died before taking out the grant)
  • a minor (power can be reserved when reach 18)
  • lack capacity
  • former spouse/civil partner and divorce/dissolution after will made.
21
Q

How many PRs can be on the grant?

A

Up to 4

22
Q

What happens to PRs who are appointed as executor but there are already 4 applying for probate?

A

Power reserved to remaining, can apply if vacancy = grant of double probate

23
Q

What happens where a PR has died and no others remain?

A

Chain of representation applies, or
Grant of letters of administration de bonis non is issued

24
Q

What is the chain of representation?

A

Executor dies having appointed executor of their own estate and that person takes out grant for Executor 1’s estate

25
Q

What are the requirements for a Grant of letters of administration de bonis non?

A

o the administration is incomplete
o there are no remaining personal representatives and
o there has been a previous grant of representation

26
Q

What are the options if an executor is unwilling to act?

A

Renunciation
Reserving power
Appointing an attorney

27
Q

What are the types of professional applications?

A

Mandatory online application
Online application possible but not mandatory
Mandatory paper application

28
Q

What are examples of Mandatory paper applications?

A
  • Second grant
  • chain of representation applies
  • original will is missing or there are issues with the will
  • Grants to attorneys
  • Grant under NCPR 20 if life interest arises
29
Q

What PA forms are required?

A
  • PA1A - deceased did not leave a will (NCPR 22)
  • PA1P - deceased left a valid will
30
Q

What is required in the application for a grant?

A

Confirm Identity of deceased & applicants
Confirmation of the grant required
Executor’s entitlement to grant
Administrator’s entitlement to grant
Estate value and IHT status
Legal Statement

31
Q

What are the requirements for applying under NCPR 20?

A
  • state which category of applicant
  • clear-off anyone with better right to apply
  • state whether any beneficiary is a minor or if any life interest arises
32
Q

What are the requirements for applying under NCPR 22?

A
  • state familial relationship to dec’d / identify which category of applicant,
  • confirm entitled to whole/part of estate
  • clear-off anyone with better right to apply
  • state whether any ben is a minor
33
Q

When is no probate fee required?

A

Estates worth less than £5000

34
Q

What are the inheritance tax forms process for non excepted estates?

A
  • IHT400 will have been completed.
  • IHT 400 and any tax due are sent to HMRC
  • HMRC then provide confirmation (by IHT 421) to the PR
  • PR will not issue the grant before receiving the IHT 421
35
Q
A

Wills and Estates (13 decks)

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