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Summary SQE2 Probate Practice Notes

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The notes are prepared by a candidate of the first-ever SQE2 sitting back in April 2022. She passed the exam with 81/100, using these notes together with the revision materials from the training provider. The notes on probate practice have 14 pages in total. Disclaimer: 1. The knowledge co...

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  • October 17, 2022
  • 15
  • 2022/2023
  • Summary
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【是相遇啊-备考 SQE2 学科笔记】



PROBATE

Contents

Will

1. Validity of a will.................................................................................................................................... 2


2. Formality................................................................................................................................................2


3. The will speaks from death.................................................................................................................... 3


4. Revocation............................................................................................................................................. 3


5. Alteration............................................................................................................................................... 3


6. Guardian.................................................................................................................................................3


7. Gifts by will........................................................................................................................................... 3


8. Drafting points....................................................................................................................................... 4

Intestacy Rule

1. Definition............................................................................................................................................... 4


2. Intestacy rule.......................................................................................................................................... 4

Property passing outside will/intestacy rule and its IHT implication

1. Passing with no IHT to be paid..............................................................................................................6


2. Passing with IHT to be paid...................................................................................................................6

IHT

1. Nil rate band...........................................................................................................................................7


2. Residential nil-rate band........................................................................................................................ 7


3. Instalments option.................................................................................................................................. 7


4. Funding.................................................................................................................................................. 7


5. Excluded assets...................................................................................................................................... 8


6. Exempt transfer...................................................................................................................................... 8

, 【是相遇啊-备考 SQE2 学科笔记】



7. Potential Exempt transfer.......................................................................................................................8


8. Lifetime chargeable gifts....................................................................................................................... 8


9. Which form to use..................................................................................................................................8

Assets which may be realised without a grant

1. Assets passing outside will/intestacy r ule...........................................................................................8


2.Small payments due to the estate.........................................................................................................8


3. Cash....................................................................................................................................................... 8


4. Chattels................................................................................................................................................. 8

Pre-grant--Client interview template
Probate application

1. Pr ior ity to apply for pr obate.............................................................................................................10


2. Gr ant of letter s of administr ation.....................................................................................................10


3. Gr ant of letter s of administr ation with the will annexed............................................................... 10


4. Gr ant of pr obate.................................................................................................................................11

Post-grant

1. Duties & power of the PR/tr ustee.....................................................................................................11


2. Pr otection against unknown claims..................................................................................................12


3. Paying the gifts................................................................................................................................... 12


4. Paying debts........................................................................................................................................12


5. Fur ther tax matter s............................................................................................................................12


6. The Inher itance (Pr ovision for Family and Dependant) Act 1975................................................ 13


7. Pr oduce estate accounts for the r esiduar y beneficiar ies................................................................ 13


8. Winding up the estate........................................................................................................................ 13

PROFESSIONAL CONDUCT AND ETHICS

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