Inheritance tax, wills, and probate are all key components of estate planning and administration, dealing with the distribution of an individual's assets after death, the taxation of those assets, and the legal process to validate a will.
1. Inheritance Tax
Inheritance tax (IHT) is a tax levied...
Inheritance Tax and Wills and Probate MCQs Question and Answer
with detail:
Page 1-2: Introduction
Introduction to Inheritance Tax, Wills, and Probate
Legal framework in different jurisdictions (UK, US, etc.)
The purpose of this document: To test knowledge on inheritance, tax implications, legal
processes, and the administration of estates.
Page 3-10: Section 1 - Inheritance Tax
1. What is Inheritance Tax (IHT)?
o Definition, its purpose, and how it works.
o Exemptions, reliefs, and the tax threshold.
2. Key Concepts of Inheritance Tax
o Taxable estates.
o What counts as a taxable estate.
o Transfers and gifts during life.
3. MCQs on Inheritance Tax
o Question 1: What is the current IHT threshold for individuals in the UK (as of
2024)?
A) £325,000
B) £350,000
C) £500,000
D) £1 million
Answer: A) £325,000
Explanation: Inheritance Tax in the UK applies to estates valued above
£325,000 (unless exemptions or reliefs are applicable).
o Question 2: Which of the following is NOT exempt from Inheritance Tax?
A) Transfers to a spouse or civil partner
B) Charitable donations
C) Gifts made to children under 18
D) Gifts made to political parties
Answer: C) Gifts made to children under 18
Explanation: Gifts made to children under 18 are not automatically
exempt from inheritance tax unless other conditions are met, such as part
of the annual exemption.
Page 11-18: Section 2 - Wills
1. What is a Will?
o Importance of having a will.
o Legal requirements for a valid will.
2. Key Terms Related to Wills
o Executor, beneficiary, residuary estate, etc.
3. MCQs on Wills
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