Wills And Inheritance Flashcards
(34 cards)
What is a benificary?
A person who receives benefits under the will
What is a bequest?
A gift of personal property by means of a will, usually not money
What is devise?
A gift of real property (house or land)
What is estate?
All assets and all liabilities of the will maker
What is an executor?
A person appointed to carry out the directions regarding property contained in the will
What is a grant of probate?
The giving of approval to the executor to deal with the estate after the registrar of probated or the Supreme Court has accepted the will as valid
What is dying intestate?
Dying without a will
What is a legacy?
A gift of money
What is a probate parchment?
Document certifying that the will has been approved (declared valid)
What is a testator?
A person who makes a will
What is codicil?
Modifications/ changed to an existing will which are added at a later date
What are the 3 acts relating to will and inheritance?
Administration and probate act 1958
The wills act 1997
The statute law amendment (relationships) act 2001
What is the administration and probate act 1958?
If a person dies intestate his or her assets will be distributed according to the rules set out in this act
What is the wills act 1997
Covers the requirements of a valid will: Testamentary capacity Over 18 In writing Signed Witnessed and dated
What is the statute law amendment (relationships) act 2001
Replaced the term spouse with “domestic partner” therefore allowing distribution to defacto and same sex partners
What happens when someone dies intestate with a partner and no children
All estate goes to the partner
What happens when a person dies intestate with a partner and children
If more than $100,000 in in the estate the first $100,000 goes to the partner plus 1/3 of the remainder. The rest goes to the children equally
What happens if someone dies intestate with only children
Shared equally between children
What happens when there’s no next of kin? In intestacy
To the crown
What must happen before an intestacy estate is distributed?
Apply for letters of administration
Place advertisement on Supreme Court website
Appoint administrator
Lodge documents
How old must a person be to make a will?
- Minors may make a will if they’re married or have obtained a court order to authorise the making of a will
What does the court take into consideration when determining whether a person omitted from a will is entitled for money?
- the will makers moral responsibility to provide for the applicant
- the type and length of relationship with the applicant
- the size and nature of the estate and any benifits already given to the applicant
What are 4 reasons a will could be invalid
- a later will exists or the will has been revoke
- the will make lacked testimonitary capacity
- the will has been tampered with
- the will maker was under pressure from others to write the will
What is probate?
The legal process for proving the validity of a will and gives legal status to the executor to deal with the deceaseds estate (granted by sup court)
