LPC Law Notes Private Client Notes
A collection of the best LPC Private Client the director of Oxbridge Notes (an Oxford law graduate) could find after combing through twenty-nine LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Private Client notes available in the UK this year. This collection of notes is fully updated f...
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Wills & Administration of Estates
LPC Exam Revision
Distribution of a Person’s Property on Death
General Rules
When a person dies you have to determine whether they have died testate or intestate (i.e. with or without a will which determines who inherits the succession estate). A person can die partially intestate where they leave a will but do not deal with all of the assets in the succession estate, such assets will be dealt with by the intestacy rules.
Succession Estate
A ‘succession estate’ is all of the assets owned by the person who has died. The Personal Representatives will pay the deceased debts, funeral and administrative expenses and will distribute the remaining assets to those who are to inherit the assets.
All property comprises the succession estate apart from:
Property (including bank accounts) held as joint tenants: the remaining joint tenant will have the whole of the asset. If property was held as tenant in common they will have their proportion of the asset as part of their succession estate.
Insurance policies written in trust: life assurance policies where there is a nominated person to receive the benefits
Pension benefits: the deceased has likely nominated a person to receive such fund and will be paid to the identified individual.
Statutory nominations: amounts of money (limited to 5,000) transferred to an individual
Donatio Mortis Causa: a gift made during the deceased’s lifetime in contemplation and conditional of the donor’s death.
Trusts/Settlements: the deed of the trust controls the destination of the trust property. A life tenant of a trust has the right to receive all income from the test during their lifetime. When the life tenant dies the remainderman has the right to the capital of the trust.
Intestacy
If a person dies wholly or partially intestate then the following rules apply:
However, issues (i.e. children or grandchildren) must survive the estate and reach the age of 18 or marry earlier; they will only have a contingent interest until then. If they are already married or over the age of 18 then they will inherit immediately.
If a beneficiary dies before the intestacy then their issue can inherit the trust (called ‘substitution’).
If a couple divorces the treat is as though they have no spouse.
Family Homes & Survivorship
An intestate’s surviving spouse has the right to the family home and must exercise this right within 12 months of the grant of representation. If the spouse’s entitlement is less than the value of the property then the PRs can require the spouse to pay the difference to the PRs.
This only applies where the deceased owned the family home outright or where they held the homes as tenants in common.
Wills
Structure
Commencement | Commencement THIS IS THE LAST WILL AND TESTAMENT of [name] of [address], [occupation] |
---|---|
Revocation | Revocation I REVOKE all former wills and testament dispositions made by me. |
Executors and Trustees | Executors and Trustees I APPOINT… |
Guardians for Children | Guardians for Children I APPOINT… |
Specific Gifts | Specific Gifts I GIVE my [e.g. diamond necklace] to my [relation] [name] of [address] free of tax and costs of transfer |
General Legacies | General Legacies I GIVE [e.g. 100 shares in X] to my [relation] [name] of [address] free of tax and costs of transfer |
Date & Attestation | IN WITNES whereof I have hereunto set my hand this __ day of ________ Signed by the above named ________________ [name] in our joint presence ________________ and then by us in his/hers ________________ |
Validity of a Will
A testator must be 18 years or older, have the...
Buy the full version of these notes or essay plans and more in our Private Client Notes.
A collection of the best LPC Private Client the director of Oxbridge Notes (an Oxford law graduate) could find after combing through twenty-nine LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Private Client notes available in the UK this year. This collection of notes is fully updated f...
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