Equity 1

Question 1

Validity of Wills

Answer 1

Legal and mental capacity, intention, and proper execution

Mental capacity: understanding the act, property extent, and claims

Intention: general and specific

Formalities: in writing, signed, witnessed by two, witnesses sign

Question 2

Changing a will or revoking it

Answer 2

Changes before execution are valid

Alterations after execution via codicil (A codicil is a brief document that amends or partially revokes an existing will.)

Codicil follows same formalities as a will

Revocation by law (marriage) or act of testator (express clause or physical destruction)

Question 3

Interpretation of Wills

Answer 3

Types of legacies: specific, general, pecuniary, demonstrative

Residue: remainder of estate

Legacies can fail or lapse

Substitution clauses and special rules for lineal descendants

Question 4

Intestacy

Answer 4

When there is no valid will or there is residue which has not been dealt with, intestacy rules apply

After debts are paid, residue is shared according to statutory rules

Order of entitlement influenced by surviving spouse or civil partner, if there is no dispute- the entire estate will go to them

Question 5

Property Passing Outside the Will or Intestacy

Answer 5

Certain property doesn’t pass through will or intestacy rules

Examples: property owned in joint tenancy, life assurance policies

Cannot be varied by will terms

Question 6

Estate Accounts

Answer 6

Estate Accounts Show what’s available for residuary beneficiaries

Often consist of income, capital, and distribution accounts

Sent to residuary beneficiaries for endorsement and indemnity agreement

Question 7

Assents

Answer 7

an assent is when the Personal Representatives (PRs) – the people responsible for managing and distributing someone’s estate after they pass away – agree that a particular asset is not needed to settle any debts or other administrative tasks. They then transfer the ownership of that asset to the person who is supposed to inherit it (the beneficiary)

Question 8

Beneficiaries’ Rights and Remedies

Answer 8

Administration proceedings ensure proper estate administration

Actions to recover loss include suing PRs or tracing estate assets

Question 9

Claims Against Estates (Provision for Family and Dependants

Answer 9

Inheritance (Provision for Family and Dependants) Act 1975 allows eligible applicants to claim reasonable financial provision

Eligible applicants include surviving spouse/civil partner, child of deceased, person maintained by deceased, or person living with deceased for 2 years before death

Process: Prove will/intestacy rules failed to provide reasonable provision & determine what reasonable provision would be

Court considers financial resources, estate size, and moral obligationApproved claims result in court–ordered property transfer, lump sum, or trust settlement