Podcast
Questions and Answers
If a minor is the sole personal representative, how is a grant of probate typically obtained?
If a minor is the sole personal representative, how is a grant of probate typically obtained?
- The minor's guardian is appointed as the representative.
- A grant is made to the minor immediately, but the minor must obtain a court order to administrate the estate.
- The minor's parent cannot be appointed as the representative, and a grant de bonis non must be sought.
- A grant is made to the minor's parents until the minor reaches the age of 18. (correct)
Which of the following is NOT a valid method for obtaining funds to pay inheritance tax before a grant of probate is obtained?
Which of the following is NOT a valid method for obtaining funds to pay inheritance tax before a grant of probate is obtained?
- Requesting the deceased's bank to release funds directly to HMRC.
- Applying for a grant de bonis non to access funds. (correct)
- Selling assets of the estate.
- Requesting a loan from a beneficiary of the estate.
In what instance might a 'grant de bonis non' be necessary?
In what instance might a 'grant de bonis non' be necessary?
- When a beneficiary is deceased.
- When an executor dies before administering the estate. (correct)
- When a minor is the sole personal representative.
- When inheritance tax has not been paid.
What is the primary document required for initiating a grant of probate application?
What is the primary document required for initiating a grant of probate application?
Which of the following is TRUE regarding an application for a grant of letters of administration?
Which of the following is TRUE regarding an application for a grant of letters of administration?
What is the threshold for a UK domiciliary estate to be considered a small estate exempt from IHT?
What is the threshold for a UK domiciliary estate to be considered a small estate exempt from IHT?
Which of the following scenarios regarding non-UK domiciled estates qualifies for an exception from IHT?
Which of the following scenarios regarding non-UK domiciled estates qualifies for an exception from IHT?
What is a key responsibility of Personal Representatives (PRs) concerning the deceased's estate?
What is a key responsibility of Personal Representatives (PRs) concerning the deceased's estate?
What could result from a Personal Representative's breach of duty?
What could result from a Personal Representative's breach of duty?
Which administrative power is NOT granted to Personal Representatives (PRs)?
Which administrative power is NOT granted to Personal Representatives (PRs)?
Which of the following scenarios requires an affidavit of due execution?
Which of the following scenarios requires an affidavit of due execution?
A potential beneficiary objects, believing the deceased lacked mental capacity at the time of the will's execution. What action would they take?
A potential beneficiary objects, believing the deceased lacked mental capacity at the time of the will's execution. What action would they take?
What is the purpose of a citation issued by the Probate Registry?
What is the purpose of a citation issued by the Probate Registry?
When valuing a deceased's estate, which scenario would result in a discounted land value?
When valuing a deceased's estate, which scenario would result in a discounted land value?
Which of the following statements is TRUE regarding the Inheritance Account filed with HMRC?
Which of the following statements is TRUE regarding the Inheritance Account filed with HMRC?
Flashcards
Caveat
Caveat
A legal document stating that a will doesn't meet legal requirements (e.g., lack of mental capacity of the deceased).
Inheritance Account
Inheritance Account
A legal document filed with HMRC that shows the value of the deceased's assets and the taxes due.
Inheritance Account Filing
Inheritance Account Filing
A legal requirement for PRs to file an Inheritance Account with HMRC within 12 months of the deceased's death.
Personal Representatives (PRs)
Personal Representatives (PRs)
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Judicial Review
Judicial Review
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Non-UK Domiciled Estate (Exception)
Non-UK Domiciled Estate (Exception)
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Small Estate Exemption
Small Estate Exemption
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Best Interests of Beneficiaries
Best Interests of Beneficiaries
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Estate Transactions (PR Power)
Estate Transactions (PR Power)
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Grant of Probate
Grant of Probate
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Grant of Letters of Administration
Grant of Letters of Administration
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Inheritance Tax (IHT)
Inheritance Tax (IHT)
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Grant to Minor's Parents
Grant to Minor's Parents
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Chain of Representation
Chain of Representation
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Study Notes
Wills and the Administration of Estates
- If the application is for letters with will annexed, the will, of course, must be included with the application.
- If there is no will, then a will and the will doesn't include an attestation clause, an affidavit of due execution is needed to prove due execution.
- If the application includes unexecuted obliterations, interlineations, or other alterations, an affidavit is needed to confirm whether each alteration existed at the date of execution (otherwise, they will be presumed to have been made after execution and will be ineffective).
- If a beneficiary believes that the will may be invalid (for example, due to a lack of mental capacity on the part of the testator), they should lodge a caveat.
- If the matter cannot be resolved, it may end up with a judge determining the issue.
- An interested party may ask the Probate Registry to issue a citation to accept or refuse a grant to a person with a prior right to a grant who has not applied, and shows no intention of applying, for a grant.
- PRS must file an inheritance account with HMRC within 12 months of the decedent's death unless the estate is excepted.
- A PR will usually file the account sooner because interest starts accruing on taxes owed after 6 months and they can't obtain a grant of probate or letters until the tax has been paid.
- If the deceased was a co-owner of land at their death, in valuing the deceased's estate, the value of the land will be discounted to reflect the difficulty in selling co-owned land. However, no discount is given if the land is co-owned by a spouse..
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Description
This quiz covers key concepts related to wills and the administration of estates. Participants will explore topics such as the application for letters of administration, requirements for will execution, and challenges to the validity of wills. Test your knowledge on these important legal processes and procedures.
