Wills, Intestacy and Probate Flashcards
6 cards from real SQE practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Wills, Intestacy and Probate flashcards as text
What document is issued when a person dies without a will and an administrator is appointed to deal with their estate?
Answer: Letters of Administration
Where there is no will (or no executor able and willing to act), the Probate Registry issues Letters of Administration to the person entitled to administer the estate.
What is the Inheritance Tax nil-rate band for the 2024–25 tax year?
Answer: £325,000
The basic IHT nil-rate band has been frozen at £325,000 since 2009, meaning estates above this threshold are taxed at 40% on the excess.
What is a 'residuary estate' in the context of probate?
Answer: What remains of the estate after payment of debts, expenses, and specific legacies
The residuary estate is the balance left after settling debts, funeral costs, administration expenses, IHT, and all specific or pecuniary legacies.
What is the rule in Saunders v Vautier?
Answer: Adult beneficiaries who are absolutely entitled can collectively end a trust and call for the assets
The rule allows all adult, mentally competent beneficiaries who together hold the entire beneficial interest to collectively bring a trust to an end and demand the assets.
Which of the following assets does NOT pass through a deceased's estate and is not subject to a grant of probate?
Answer: Jointly owned property held as beneficial joint tenants
Property held as beneficial joint tenants passes by survivorship to the surviving joint tenant(s) automatically and outside the estate.
What is the purpose of an 'assent' in estate administration?
Answer: To vest a property asset in the beneficiary entitled under the will or intestacy
An assent (AS1 for registered land) is executed by the personal representatives to transfer title in a property to the person entitled as beneficiary.