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COULD PLEASE GIVE SOME EXPLANATION WHERE POSSIBLE?
Introduction to Professional Practice - Wills and Administration of Estates 1
The following questions test your knowldge and understanding of wills and the intestacy rules. Complete the questions as part of your preparation for the Wills and Administration of Estates 1 Unit. Complete them after you have finished the recommended reading.
Multiple AttemptsThis Test allows multiple attempts
Question Completion Status:
Assume Harry had a life interest in a trust fund created on his father's death in 2003. The capital value of the fund is £200,000.The property passes to Harry's children under the terms of the trust. The value of the trust fund will form part of his estate for probate purposes. True False
Ann and Ben witness Tariq's signature on his will. In the will Tariq gives £3,000 to Ann and £2,000 to her husband, Hari.Which TWO of the following statements are correct? A. Tariq's will is invalid because it has been witnessed by a beneficiary. B. Tariq's will is invalid because it has been witnessed by the spouse of a beneficiary. C. Ann cannot take her legacy because she witnessed Tariq's will. D. Hari cannot take his legacy because Ann witnessed Tariq's will.
Alan died intestate on three months ago. He is survived by his wife, Beatrice, and his daughter, Melanie. After payment of debts etc there is £800,000 plus personal chattels worth £2,000 available for distribution under the intestacy rules. Which ONE of the following CORRECTLY states the total amount Beatrice will receive? A. £265,000. B. £405,000. C. £537,000. D. £802,000.
COULD PLEASE GIVE SOME EXPLANATION WHERE POSSIBLE ?
UESTION 1Christine was divorced from Scott many years ago. She now cohabits with Jeremy. Christine and Jeremy have one child, Jason (aged 20). Christine has one child, Christopher (aged 30), from her marriage to Scott. Jeremy has one child, Daisy (22), from an earlier marriage. Christine has just died intestate with £120,000 (plus personal chattels worth £5,000) available for distribution under the intestacy rules after payment of debts etc Which ONE of the following statements is CORRECT in relation to the amount available for distribution under the intestacy rules? A. Jeremy is entitled to everything. B. Christopher is entitled to nothing. C. Daisy is entitled to nothing. D. Jason is entitled to everything.
Sam dies intestate. He never married, formed a civil partnership or had children. His parents are both dead but he is survived by the following brothers and sisters, all of whom are unmarried and not in civil partnerships: Ann (25), Ben (22), Cleo (17) and Davina (8) During the three months it takes to administer Sam's estate the following events occur: Ben and Davina are killed in a car crash. Cleo marries Bryn and dies of a tropical infection contracted on her honeymoon. Sam's estate is now ready for distribution and there is £600,000 available for distribution under the intestacy rules.
Ann (25), Ben (22), Cleo (17) and Davina (8) During the three months it takes to administer Sam's estate the following events occur: Ben and Davina are killed in a car crash. Cleo marries Bryn and dies of a tropical infection contracted on her honeymoon. Sam's estate is now ready for distribution and there is £600,000 available for distribution under the intestacy rules. Which ONE of the following statements is CORRECT?A. Ben's estate will receive nothing from the intestacy. B. Davina's estate will receive nothing from the intestacy. C. Cleo's estate will receive nothing from the intestacy. D. All of the property passing on intestacy will go to Ann.
COULD YOU PLEASE GIVE SOME EXPLANATION WHERE POSSIBLE?
COULD YOU PLEASE GIVE SOME EXPLANATION WHERE POSSIBLEQUESTION 1 Grace's only living relative is her brother, Quentin. She makes a will containing the following gifts: My Jaguar motor car, registration GGH 234X to Phoebe. My shares in Marks & Spencer plc to Quentin. The money in my Abbey account to Raj. My gold chain to Sanjit. The residue of my estate to Thalia. After making her will and before her death the following events occur: She sells the Jaguar and buys a replacement. She sells her Marks & Spencer shares and reinvests the proceeds in Tesco shares. All her jewellery is stolen and she uses the insurance money to buy replacements. Raj and Thalia die. Which ONE or more of the following statements is WRONG? A. The gifts of the car, the shares and the gold chain fail as a result of ademption and the beneficiaries receive no compensation. B. The gifts to Raj and Thalia fail as a result of the doctrine of lapse. C. Quentin has no entitlement to any part of Grace's estate. D. All of Grace's estate is undisposed of so it will pass under the intestacy rules to her only living relative, Quentin. 1 points QUESTION 2 Drew dies on 24 June 2020. Included in his estate is his house, worth £500,000 at the date of death. Drew made no disposals in the tax year 2020/21. Assume that on 30 November 2020 his PRs sell the house for £550,000, and that they make no other disposals in the tax year 2020/21. Which ONE of the following statements is CORRECT? A. For CGT purposes the PRs have made a gain of £50,000 but they can deduct the annual exemption because PRs have a full annual exemption available to them in the tax year of death. B. For CGT purposes the PRs have made a gain of £50,000 but they can deduct Drew's unused annual exemption. C. For CGT purposes the PRs have made a gain of £50,000 but they can deduct Drew's unused annual exemption and their own annual exemption. D. For CGT purposes the PRs have made a gain of £50,000 and no annual exemption is available to them. 1 points QUESTION 3 The PRs of an estate have paid all the specific and pecuniary legacies and are about to complete the administration of the estate by paying the amount due to the residuary beneficiary, Raymond. They receive £2,000 income in dividends on shares held for Raj and £2,000 income from money in a building society account held for him. Which ONE of the following statements is WRONG? A. The PRs are not liable to income tax on income of an estate. B. The PRs are not liable to higher rate income tax on income of an estate. C. The PRs must give the residuary beneficiary a certificate of deduction of income tax. D. Raymond may have to pay additional income tax on the £4,000 he receives from the PRs. 1 points QUESTION 4 It is important to protect PRs from any possibility of personal liability. One of the steps that may protect them is to advertise under the Trustee Act 1925, s27 for claimants to the estate. Which ONE of the following statements is CORRECT? A. A PR who is also a beneficiary will be protected both as PR and as beneficiary from liability to a claimant appearing outside the 2 month period. B. Provided the PRs have waited at least 2 months before distributing, any claimant appearing after that date will have no rights to recover any assets of the estate. C. A claimant who appears after the expiry of the 2 month period can recover assets from the beneficiaries but not from the PRs. D. A claimant who appears after the expiry of the 2 month period can recover assets from the PRs but not from the beneficiaries. 1 points QUESTION 5 Wilfred dies with instalment option property valued at £200,000 and non-instalment option property of £400,000. He has exhausted his nil rate band and the residence nil rate band is not available. None of his estate attracts any exemptions or reliefs. Which ONE of the following CORRRECTLY states the amount of IHT the PRs can pay in instalments? A. £80,000 B. £240,000 C. £160,000 D. £36,667
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