G: Laws of succession - created from Mind Map

Will exists Executors prove will in Probate Registry to obtain Grant of Probate Exectuors complete HMRC account showing all assets plus PETs IHT due on total of estate plus any non-exempt transfers above nil-rate band Tax must be paid before Grant of Probate issued Executors distribute estate as specified in the will

Intestacy Administrator applies to Probate Registry for grant of Letters of Administration Procedure for paying IHT similar to procedure for Wills Spouse/civil partner but no issue, parents, brothers, sisters, or issue therooef Spouse/civil partner and issue Spouse/civil partner, no issue, but parents, brothers, sisters, or issue thereof No spouse/civil partner No relatives Spouse/civil partner takes everything absolutely Spouse/civil partner takes personal chattels plus £250k absolutely plus life interest in one half of the residue Issue takes one half of the residue on reaching 18 or marrying below that age, plus the other half of the residue on death of the spouse/civil partner Spouse/civil partner takes personal chattels plus £450k absolutely plus one half othe reside absolutely Parents, failing a parent then brothers and sisters (nephews and neices step into parent's shoes if the latter are dead) take the other half of the residue Everything taken by issue then successively grandchildren, parents, brothers ansd sisters; grandparents, uncles and aunts The Crown or Duchy of Lancaster or Duchy of Cornwall where residency is relevant takes all remaining assets of the estate

Three major formalities required in making of a valid will: - writing - signature (signed by testator) - attestation (witnessed by two or more people in prescence of testator)

Revocation of WillsMarriage - in full; unless will states it was made in anticipation of marriageDivorce - in part; as any bequests to the former spouse will lapse (unless will clearly states otherwise) - but remainder of will remains validfurthermore: if person revokes a will without making a new will they will die intestate appointment of a spouse as executor is cancelled by subsequent divorce Civil Partnerships Act 2004 - registered civil partnership is treated like a marriage

Personal representatives & administration of estates Executors named in will responsible for dealing with deceased's estate Estate handled by next of kin, known as administrators, where deceased dies intestate Collectively known as personal administrators and in both cases their tasks are to: administer the estate collect any debts pay tax and any debts before making any distribution of estate's assets (personally liable) distribute assets

Laws of succession

Annotations

Notes