Our free Wills and Administration of Estates notes cover everything you need to know for the Solicitors' Qualifying Exam (SQE). From will validity and estate distribution to Personal Representative duties and Inheritance Tax considerations, we've got you covered. Whether you're in a classroom or taking the self-study route, these notes provide added peace of mind, knowing that you have everything you need to help consolidate and revise effectively for the SQE1 exam. Think something could be better? Give us a shout on our contact page, and we'll take a look.
1. Introduction to Wills and Estate Planning
- Purpose and function of wills
- Overview of estate administration
- Roles of personal representatives and trustees
2. Validity of Wills and Codicils
- Testamentary capacity
- Effects of illness on capacity
- Intention to make a will
- Duress, undue influence, and mistake
- Formal requirements under the Wills Act
- Execution and witnessing formalities
- Solicitors' duties in will preparation
3. Alterations and Amendments to Wills
- Effect of alterations before execution
- Effect of alterations after execution
- Use and effect of codicils
- Revocation and re-execution of altered wills
4. Revocation of Wills
- Revocation by later will or codicil
- Revocation by destruction
- Impact of marriage or civil partnership on a will
- Effect of divorce or dissolution on will provisions
5. Interpretation of Wills and Failure of Gifts
- Principles of interpreting wills
- Establishing the testator's intention
- Rectification of wills
- Types of gifts: specific, general, demonstrative, pecuniary, residuary
- Failure of gifts: uncertainty, beneficiary as witness, divorce
- Ademption and abatement
- Lapse, disclaimer, and forfeiture
6. Property Passing Outside the Estate
- Jointly owned property
- Life insurance policies
- Pension scheme benefits
- Trust property
- Nominated property
7. Intestacy Rules
- Overview of intestacy
- Distribution under s46 Administration of Estates Act 1925
- Statutory trusts for minors and life interests
- Partial intestacy
8. Personal Representatives
- Appointment of executors
- Renunciation and reservation of power
- Administrative powers of personal representatives
- Trustee Act 1925 and Trustee Act 2000 provisions
- Trusts of Land and Appointment of Trustees Act 1996
9. Grants of Representation
- Need for a grant of representation
- Types of grants: probate and letters of administration
- Non-Contentious Probate Rules
- Application procedures
- Contentious probate: caveats and citations
- Required documentation and evidence
- Forms PA1P and PA1A
- Valuation of assets and liabilities
- Excepted estates: small and exempt estates
- Inheritance Tax implications
- Methods of funding initial Inheritance Tax payment
- Burden and incidence of Inheritance Tax
10. Administration of Estates
- Duties of personal representatives
- Liabilities and protection of personal representatives
- Dealing with unknown and known beneficiaries
- Sale of assets to pay debts, taxes, and expenses
- Handling secured and unsecured debts
- Administration of solvent and insolvent estates
- Distribution of specific and pecuniary legacies
- Timing for distribution of legacies
- Finalizing the estate accounts
11. Inheritance Tax on Lifetime Transfers and Transfers on Death
- Overview of Inheritance Tax (IHT)
- Lifetime transfers: Potentially Exempt Transfers (PETs) and Lifetime Chargeable Transfers (LCTs)
- Effect of death on PETs and LCTs
- Transfers on death
- Exemptions and reliefs: general and lifetime-only exemptions
- Business and agricultural property reliefs
- Residential nil rate band
- Calculating IHT liability
- Valuation principles and transfer of value
- Nil rate band and tax rates
- Anti-avoidance provisions
12. Income Tax and Capital Gains Tax During Estate Administration
- Personal representatives' liability to Income Tax
- Personal representatives' liability to Capital Gains Tax
- Beneficiaries' liability to Capital Gains Tax on inherited assets
- Tax compliance and reporting requirements
13. Claims Under the Inheritance (Provision for Family and Dependants) Act 1975
- Purpose of the Act
- Time limits for making a claim
- Eligible applicants
- Grounds for claims
- Factors considered by the court
- Impact on estate distribution