Inheritance

Question 1

How long to pay IHT?

Answer 1

6 months after death

Question 2

What is the priority list for GOP?

Answer 2

1. Executor
2. Residuary legatee
3. Personal rep of residue

Question 3

When cant PRs renounce rights?

Answer 3

If they have inter-meddled with estate

Question 4

Who/ what is needed if will and no will?

Answer 4

Will - executor & GOP

No will - administrator and LOA

Question 5

What form for GOP and LOA

Answer 5

GOP- PA1P
LOA - PA1A

Question 6

How much is GOP fee?

Answer 6

£273 if 5k+ or free if less

Question 7

What assets pass to PRs without GOP

Answer 7

small payments to those beneficially entitled(not if exceed 5k)
Chattels
Cash

Question 8

What assets dont go through PRs hands?

Answer 8

Joint property
Insurance
Pension benefits

Question 9

Difference between PR/trustee in retiring?

Answer 9

Trustee can retire
PR cant retire without court order

Question 10

Whats devastavit?

Answer 10

Liable out of own resources if PR has caused loss by breach of duty (unless acted honestly and reasonably or bene acquesed)

Question 11

What are creditors rightz?

Answer 11

PRS take kn all debts and liabilities
Only liable to extent of Ds assets
Limitation 6 years

Question 12

What are beneficiaries rights?

Answer 12

1. Prevent issue of grant (6month but can be extended)
2. Compel issue of grant (citation)
3. Passing over
4. Due administration

Question 13

What are wrongdoing trustee tracing rules?

Answer 13

1- if still has - proprietary claim
2. Bought something - proprietary claim new thing
3. Mixed assets - claim mixed asset
4. Mixed funds - used own first

Question 14

Innocent tracing rules?

Answer 14

1. Still owns - proprietary claim
2. Used to buy - proprietary claim over new
3. Mixed asset - share
4. Mixed bank - proportionate share

Question 15

Different types of claim for recipient / accessory liability?

Answer 15

Recipient - personal / proprietary
Accessory - personal claim if assisted

Question 16

Rules for bona fide purchaser without notice

Answer 16

Takes free

Question 17

Who is an innocent volunteer / tracing rules?

Answer 17

Bona fide with no consideration

Innocent tracing rules apply

Question 18

Time limit for family provisions post death?

Answer 18

6 months from GOP

Question 19

Entitlement for post death variation of will under Family and Dependents Act?

Answer 19

1) spouse
2) former spouse (not remarried)
3) child - if adult special circumstances
4) treated as child
5) maintained by D
6) living as husband and wife (2yrs)

(Not a commercial arrangement)

Question 20

What is attestation clause?

Answer 20

Gives presumption of due execution

Question 21

Powers that must expressly be given to Trustees?

Answer 21

1. Appropriate assets
2. Invest
3. Purchase land
4. Sell
5. Give bene income
6. Power to use capital to enhance benes

Question 22

What are the 4 exceptions to the testators year?

Answer 22

1) debts owed
2) charge on land
3) minor child

Question 23

What protection from missing beneficiaries?

Answer 23

1) indemnity
2) insurance
3) benjamin order

Question 24

Rule for protection against unknown creditors/ benes?

Answer 24

1. Advertise for 2 months
   After this another bene must claim against other benes

Question 25

What is Clayton and Rule in Vaughan. For tracing assets?

Answer 25

Clayton - between two innocents, first money paid in is paid out Vaughan - can depart from this where a. Impossible to apply b. Result in injustice c. Contrary to parties intent

Question 26

What is the rule in Hallet?

Answer 26

If mixed property beneficiary gets first choice

Question 27

What are defences to brining a personal claim against Trustee?

Answer 27

1. Exemption clause in trust deed 2. Knowledge/ consent of benes 3. Honestly and reasonably and ought fairly be excused 4. Limitation and laches

Question 28

What part of will pays IHT?

Answer 28

Residuary

Question 29

Difference between general and demonstrative gift?

Answer 29

Demonstrative more sepcific eg 100 shares of X paid from X instead of just 100 shares from X

Question 30

How long must a spouse survive to be entitled in intestacy

Answer 30

28 days

Question 31

How much is the statutory legacy?

Answer 31

£270,000

Question 32

What is golden rule of capacity

Answer 32

Get medical practitioner to confirm and witnesses

Question 33

What must be shown to challenge intention

Answer 33

Fear Fraud Force Undue influence Mistake

Question 34

What are the formalities of a will?

Answer 34

1. Written and signed 2. T intended signature to give effect to will 3. 2 witnesses present 4. Each witness attest and sign

Question 35

What is IHT nil rate band?

Answer 35

£325,000

Question 36

What are values of exempt gifts in consideration of marriage?

Answer 36

£5k by parent £2.5k remoter relative eg grandparent £1k others

Question 37

What is annual exemptions of IHT?

Answer 37

Under 3k free - can be carried forward one year (max 6k) + small gifts under £250 exempt

Question 38

What is residence nil rate band?

Answer 38

£175k

Question 39

How to remove a trustee?

Answer 39

1. Dead 2. Outside UK for 12+ months 3. Wants to be discharged 4. Refusal to act 5. Unfit to act 6. Lacks capacity

Question 40

How many trustees if trust of land?

Answer 40

2 human trustees

Question 41

How much of trust benefit can a beneficiary receive before?

Answer 41

Max up to half