14 - The law of gifts and succession law

What does inter vivos mean?

During lifetime

What constitutes an effective gift of property?

Donor intends to make the gift

Transfers ownership of the property

When is the gift of property effective?

on delivery of possession

Diff between pass of ownership in common law and equity

Common law - not til formalities are satisfied

equity - passes once donee has done everything in their power

What is gift called where donor fails to transfer ownership

imperfect

who takes ownership of property on death?

First goes to personal representatives

Then to the legatees

Then depends on whether they have a will or not

What is an assent?

something drawn up by PRs by which they indicate they dont need an asset for administration

What does it mean to appropriate property

when PR identifies property to pass to legatees

what are two types of PR?

executord and administrators

Is there a limit on number of executors appointed

no but usually there is only 4 of the,

can you decline being an executor

yes but once you accept you may no longer renounce

what is an executor

person appointed under a will to carry out terms of will

what is an administrator

pPR appointed by court bc deceased died without valid will or there is no executor

Are there limits on adminstrators?

Court will appoint a maximum of 4

where there are minor beneficiaries the grant must be made to 2 individuals or a trust corporatio

when is a grant of representation not required?

assets jointly owned by survivor, funds are less than £5k

how is the grant of rep obtained?

on application to the probat registry in fam division of high court

what does grant of probate give?

formal recognition of vesting in executors and final proof of will validity

How do administrators derive authoirty?

from the court, and decease dproperty only vests from date of grant of letters of administration

primary duties of a PR?

Obtain probate

Ascertain assets/liabilities

Collect assets

Pay expenses

Distribute estate

What do PRs not have authority to do?

run deceased’d business

what are concurrent wills?

wills made in each country dealing with assets situated in that country

5 requirements of making a will

Made in writing

Signed by testator

Signature witnessed by 2 people

Must have capacity to make will

Must intend will to be operative

Can you witness will via video?

Not after 1 Feb 2024

How do you change a will?

execute one or more codicils

or can make alteration on the face of it

Can will terms be varied after death?

yes by deed of variation within 2 years of death

5 ways to revoke will

execute later will or codicil

same as above - which impliedly revoke earlier will

by marriage

physical destruction

by letter signed and witnessed

what is a pecuniary legacy

gift of money - may be general or specific

when can a specific, pecuniary or general legacy fail?

legatee divorces testator

legatee witnessed will

property no longer exists

legatee dies before testator

legatee refuses, loses entitlement or forfeits

how can residuary legacy fail?

lapses

subject to condition that has not been fulfilled

disclaimed

illegality of maing valid will

how can failure of residuary legacy be prevented?

providing for substitutional gift

advantages of making will

decreased can choose PRs

executors can be trustees

executors act before probate

guardians of munors appointed

how is estate distributed if no will made?

within rules of Admin of Estates Act 1925

who is entitled where spouse survives and there is an issue UK

Spouse takes personal chattels, £322k plus interest, ½ of residue

Issue share the other ½ of residue

when does a spouse not inherit

if they due within 28 days

who is entitled where spouse survives and there is an issue NI

Spouse takes personal chattels, £250k plus interest, ½ of residue

Issue share the other ½ of residue

who is entitled where spouse survives and there is no issue NI

Spouse takes personal chattels, £450k plsu interest, ½ os residue

what does court consider in distrivution?

financial resources/needs of applicant

moral obligations of deceased

physical/mental incapacity of applicant