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Wills LPC Questions and Answers
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Wills LPC Questions and Answers Requirements for a valid will necessary mental capacity, intention and formalities Formalities for creation of a will (s.9 WA) signed by transferor, transferor signed to give effect to the will, witnessed by two people 0:49 / 1:27 5 Sanity-Savin...

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  • October 29, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • wills lpc questions and answers
  • requirements for a valid will necessary mental cap
  • formalities for creation of a will s9 wa signed

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Wills LPC Questions and Answers
Requirements for a valid will - answer necessary mental capacity, intention and
formalities

Formalities for creation of a will (s.9 WA) - answer signed by transferor, transferor
signed to give effect to the will, witnessed by two people

3 ways to revoke a will - answer Valid will made at later date, marriage, destruction
with intention to destroy

5 ways in which a gift may fail - answer ademption, lapse, divorce, beneficiary or
their spouse witnesses the will, disclaimer or forfeiture

when can you not disclaim a gift? - answer if you have already benefitted from it

what is abatement - answer where the estate is solvent but there isn't enough money
to pay all the legacies

what is the succession estate? - answer the estate which passes under the will

when will property pass automatically (5 examples) - answer beneficial joint tenants,
insurance written for benefit of another, trust property, nominated person in bank
account, death in service benefits

how can you challenge a will based on lack of intention? - answer must prove force
or undue influence or fraud or mistake (absence of knowledge or lack of approval)

what is the banks v goodfellow test for necessary mental capacity - answer nature
and effect of actions, extent of property, moral understanding

how can you validly alter a will? - answer via a codicil

when can you get extra NRB? - answer if you are a surviving spouse, can use dead
spouse's NRB

what is the annual exemption and to what does it apply? - answer for lifetime
transfers, the first 3k of each transfer are tax free, you can use previous year's
exemption too.

what are the rates of tax for IHT on the death estate - answer 0% for NRB, 40%
thereafter, 36% is more than 10% of your estate is going to charity

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