PSP 1 - Wills and Probate Basics

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Questions and Answers

What is a key requirement for a testator to create a valid will?

Must be a homeowner

Must be at least 21 years old (correct)

Must have at least one witness

Must have prior experience in making a will

In which situation can a will be considered invalid based on the witness requirements?

The will is written but not dated

A witness is a beneficiary

Witnesses signing at different times (correct)

The testator is present but not signing

What determines the time at which a will takes effect?

Execution date of the will

Date of creation of the will

Death of the testator (correct)

Date when it is notarized

Which of the following can invalidate a will regarding its witnesses?

Witnesses having financial interest in the estate Signup and view all the answers

What characteristic must a testator possess to make a valid will?

Sound mind Signup and view all the answers

Under the Wills Act, how often can a testator change their will?

As often as they want Signup and view all the answers

What must the will be to ensure formal validity according to the Wills Act?

In writing and signed in the presence of two or more witnesses Signup and view all the answers

What is the primary purpose of a commencement clause in a will?

To identify the testator Signup and view all the answers

Which clause can potentially lead to earlier wills being admitted as valid if omitted?

Revocation clause Signup and view all the answers

What essential requirement must a codicil fulfill to be valid?

It must be in writing and signed in presence of two witnesses Signup and view all the answers

What is the first responsibility of an executor when handling an estate?

To call in the estate Signup and view all the answers

Who can be appointed as executors and trustees of a will?

Any adult, including beneficiaries Signup and view all the answers

What is the primary function of a trustee after the estate administration period?

To hold assets on trust for beneficiaries Signup and view all the answers

What happens if a will does not contain a specific gift clause?

Specific gifts cannot be made from the estate Signup and view all the answers

What is required to ensure that debts and liabilities are met before estate distribution?

Executors must ensure all debts are paid from the estate Signup and view all the answers

What does the revocation clause accomplish in a will?

It formally invalidates previous testamentary documents Signup and view all the answers

What happens to a gift if a beneficiary is deceased at the time of the testator's death and no express clause is included in the will?

The gift is redistributed to surviving children in equal shares. Signup and view all the answers

What is a potential consequence of not naming executors in a will?

A grant of Letters of Administration may be required. Signup and view all the answers

Which of the following is NOT a ground under which the Inheritance Family Provision Act applies?

Parents of the deceased. Signup and view all the answers

What must be included in a will if the testator wishes for the deceased child's share to pass to that child's issue?

An express clause. Signup and view all the answers

What could lead to a partial intestacy in a will?

Some assets are not specifically disposed of. Signup and view all the answers

What is the primary purpose of the Residuary Estate?

To pay for debts, funeral expenses, and taxes Signup and view all the answers

Which clause is typically found at the end of a will?

Testimonium clause Signup and view all the answers

What is required by section 6 subsection 2 of the Wills Act?

Wills must be signed at the foot or end by the testator and witnesses Signup and view all the answers

What should be included in a will if a testator holds assets under different names?

The other names of the testator Signup and view all the answers

What is the main role of the attestation clause in a will?

To provide a witness to the signing of the will Signup and view all the answers

What is a significant concern when minor beneficiaries are involved in a will?

Trusts may be needed for managing their inheritance Signup and view all the answers

What crucial detail must be present in a will regarding beneficiaries and witnesses?

The full names and addresses Signup and view all the answers

What may the court require if there are queries about the execution of a will?

An affidavit of due execution from a witness Signup and view all the answers

What is the importance of including the date in the Testimonium clause?

It specifies the time of execution Signup and view all the answers

Why is it necessary to provide full details for witnesses in a will?

To facilitate easier locating if needed in the future Signup and view all the answers

Which of the following types of assets cannot be disposed of in a will?

Monies in CPF accounts Signup and view all the answers

What must happen for a joint tenancy to be severed?

A Notice of Severance must be served. Signup and view all the answers

What is the consequence when a gift in a will is made to a child who dies before the testator?

The gift falls into the residuary estate if there are no alternative beneficiaries. Signup and view all the answers

What happens if there is insufficient money to pay cash gifts in a will?

The gifts are reduced through abatement. Signup and view all the answers

Under which condition does a gift not lapse if the beneficiary died first?

If the will explicitly states a contrary intention. Signup and view all the answers

Which statement accurately reflects the principle of redemption concerning gifts?

Gifts fail if the property does not exist at the testator's death. Signup and view all the answers

What must be referenced to understand the distribution of insurance proceeds under a will?

Sections 131 to 133 of the Insurance Act Signup and view all the answers

What is the role of Section 26 of the Wills Act in relation to gifts made to children?

It preserves gifts if a beneficiary predeceases the testator under certain conditions. Signup and view all the answers

Which statement about property in joint tenancy is false?

Jointly held assets can be disposed of through a will. Signup and view all the answers

In the case of a gift failing due to the property not existing, what process is referred to?

Redemption Signup and view all the answers

Study Notes

Wills and Probate

A will is a written declaration of how a testator wants their estate distributed after death. Key figures include the testator (maker of the will), executor (responsible for estate distribution), and beneficiary (person receiving assets).
A valid will requires the testator to be at least 21 years old and of sound mind, executed in front of two or more witnesses who sign.
Wills can be changed during the testator's lifetime.
Important will clauses include commencement, revocation, executor/trustee appointment, specific and residuary gift clauses, testimonium, and attestation.
Will drafting considers beneficiaries' details, avoids partial intestacy (dying without a will), and ensures clarity of testator's intentions.
Intestacy occurs when someone dies without a will; the public trustee manages the estate until administration is granted.
Considerations for a will include concurrent deaths, rights of illegitimate/adopted children, and effect of bankruptcies.

Key Characters in a Will

Testator: the person making the will.
Executor: the person named in the will to manage the estate after death.
Beneficiary: the person or people named in the will to receive assets.

Making a Valid Will

Testator must be at least 21 years old and of sound mind.
Execution requires witnesses in the presence of the testator.
The will must be in writing, signed by the testator and witnessed.
The witnesses must sign in the presence of the testator.

Wills Act

Section 4: Minimum age for testator, exceptions for soldiers.
Section 5: Formal validity (rules).
Section 6: Execution requirements for a valid will.
Section 10: Beneficiary or their spouse cannot be a witness.
Section 13 and 15: Revocation clauses.
Section 19: When a will takes effect.
Section 27: Exceptions related to will-making capacity.

Other Important Points

Will takes effect upon testator's death.
Codicil is a separate document amending a will.
Executors and trustees manage the estate. They call in assets, honour debts, and distribute assets.
Guardians are appointed for minor children.
Specific gifts are for particular items; non-specific for general items; residuary gifts are for any remaining assets.

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Description

This quiz covers the fundamental concepts of wills and probate, including key figures involved in the process, requirements for a valid will, and important clauses that should be included. Understand the implications of intestacy and the nuances in will drafting to ensure clarity in the testator's intentions.