SQE 1: Wills and Intestacy (Online)

SQE2: Wills and Intestacy

Syllabus

Validity of wills and codicils

  • testamentary capacity
  • duress and undue influence
  • formal requirements

Personal Representatives

  • the appointment of executors renunciation and reservation of power.

Alterations and amendments to wills

  • effect of alterations made to wills both before and after execution
  • use of codicils

Revocation of wills

  • methods of revocation
  • effect of marriage and divorce of a testator.

The interpretation of wills

  • effect of different types of gift
  • failure of gifts.

The intestacy rules

  • Section 46 of The Administration of Estates Act 1925
  • the statutory trusts.

Property passing outside the estate

  • joint property life policies
  • pension scheme benefits
  • trust property.

Probate and Administration Practice

Grants of representation

  • need for grant
  • the relevant provisions of the Non-Contentious Probate Rules
  • application procedure
  • valuation of assets and liabilities
  • excepted estates
  • methods of funding the initial payment of Inheritance Tax
  • burden and incidence of Inheritance Tax.

Administration of estates

  • duties of personal representatives
  • liabilities of personal representatives and their protection
  • the sale of assets to raise funds to pay funeral expenses, tax, debts and legacies distribution of the estate.

Claims against estates under the Inheritance (Provision for Family and Dependants) Act 1975

  • time limit applicants ground.

Taxation – wills and the administration of estates

Inheritance Tax

  • lifetime transfers that are immediately chargeable and those that are potentially exempt transfers on death
  • exemptions and reliefs
  • the scope of anti-avoidance provisions.

Income and Capital Gains Tax in respect of the period of the administration of an estate

  • the personal representatives’ liability to Income Tax and Capital Gains Tax
  • the beneficiaries’ liability to Capital Gains Tax on inherited assets.

Core principles of trust law

Creation and requirements of express trusts

The three certainties of intention, subject matter and objects

  • fixed interest trusts
  • discretionary trusts
  • formalities to create express inter vivos trusts
  • constitution of express inter vivos trusts and exceptions to the rule that equity will not assist a volunteer.

Beneficial entitlement

  • fixed, discretionary, vested, contingent interests the rule in Saunders v Vautier
  • the distinction between charitable trusts and non-charitable purpose trusts

Resulting trusts

  • how they arise and when they are (or are not) presumed.

Trusts of the family home

  • establishment of a common intention constructive trust
  • legal title in the name of both parties/sole party
  • express declaration or agreement as to equitable ownership direct and indirect contributions
  • requirements to establish proprietary estoppel

Liability of strangers to the trust

  • establishing recipient liability establishing accessory liability

The fiduciary relationship and its obligations

  • duty not to profit from fiduciary position
  • trustees not to purchase trust property
  • fiduciary not to put himself in a position where his interest and duty conflict.

Trustees

  • who can be a trustee; appointment, removal and retirement of trustees
  • trustees’ duty of care
  • trustees’ duty to invest (and powers in relation to investment)
  • trustees’ statutory powers of maintenance and advancement

Trustees’ liability

  • breach of trust
  • measure of liability
  • protection of trustees
  • limitation period
  • The nature of equitable remedies and the availability of tracing in equity

For further details send an email to sqe@qltsprivatetutor.com