Chapter 14: Gifts and Successions Flashcards
(12 cards)
Introduction
What is an Inter Vivos Gift?
A Gift Made Between Living People.
The Law of Gifts
Lifetime Gifts Require:
- An Intention to Make the Gift
- A Transfer of Property Ownership
Gifts by Cheque Happen When Cheque Presented.
Personal Representatives
Duties of Personal Representatives Include the Following:
- Obtain Probate or Letters of Administration
- Ascertain Assets and Liabilities of the Estate
- Resolve Outstanding Assets and Liabilities
- Deal with HMRC - Pay Tax
- Distribute the Estate
The Deceased’s Estate
Who are Legatees?
Persons Entitled to Receive a Portion of the Deceased’s Estate.
The Deceased’s Estate
Who Ultimately Inherits the Deceased’s Property Depends Upon Whether the Deceased:
- Made a Will; or
- Died Intestate.
What is a Will?
Who Makes a Will?
A Testator.
Formalities of a Will
Valid Wills Must be:
- In Writing
- Signed
- Witnessed by Two Persons
- Operative as a Testamentory Disposition
Changing a Will
The Following are Methods of Changing a Will During Someone’s Lifetime:
- Executing of One or More Codicils
- An Alteration to the Face of the Will
The Formalities Must be Observed.
Changing a Will
How Can Terms of a Will be Varied Following the Deceased’s Death?
By Means of a Deed of Variation Within Two Years of Death.
Tend to be Used to Provide for Someone Left Out of the Will.
Advantages of Making a Will
Advantages of Making a Will Include the Following:
- Choice of Personal Representative
- Executors Can act Before Probate is Granted
- Guardians of Minor Children Can be Appointed
- The Estate is Distributed as the Deceased Would Wish
Commorienties
In What Situations are the Commorienties Rules Used?
Where Two or More Persons Die in Circumstances Where it Cannot be Known Who Survived the Other(s).
An Example Being in a Fatal Road Accident
Commorienties
What is Assumed in England and Wales Under the Rule of Commorienties?
Th.e Elder Died First
The Younger is Deemed to Have Survived the Elder.
