WILLS, TRUSTS & PROBATE
Test your Knowledge
In association with B P Collins Solicitors
More than half of British adults have not made a will.
Perhaps you think you know everything that is required to draft a will, or the benefits of creating a trust; but with contentious probate on the rise, why not test your knowledge with The BP Collins multiple-choice questions to see if you need more expert advice.
- By 2020/21, families with two parents may have tax free allowances, including the ordinary nil rate band and residence nil rate band (RNRB) of up to:
- a) £650k
- b) £750k
- c) £900k
- d) £1 million
Tip: There are restrictions on the availability of the RNRB, advice should be sought to see if your estate will qualify.
- The main advantage of having a trust within a will is the flexibility it affords to the trustees to review the position at the date of death. When is a trust advisable?
- a) For care fees planning, if the nil rate band passes to a trust from which the surviving spouse can benefit, then neither the income nor the capital of the trust will be considered by the local authority
- b) To provide protection against insolvency or divorce of intended beneficiaries
- c) If there is a chance that the surviving spouse will remarry, or you have children from a previous relationship
- d) To reduce the estate of the surviving spouse to below £2 million to qualify for the RNRB
- You must have all the following to create a will except?
- a) Intention to make a will
- b) Testamentary capacity
- c) Signed and witnessed by two people who are not beneficiaries
- d) Spoken aloud to a judge
- A will should be changed after all the following except?
- a) Divorce
- b) Marriage
- c) Illness
- d) Birth or adoption of a child
Tip: there are many reasons why you should review your will, contact our Private Client team to arrange a complimentary will review.
When is an online probate application suitable?
-
- a) Where there is more than one executor applying for probate
- b) Where there is a foreign element
- c) When there is a beneficiary dispute
- d) Where there is multiple assets
- What is the most popular reason for contesting a will in the UK?
- a) Undue influence (unreasonable pressure) applied to the deceased to make and sign the will
- b) The mental and legal ability of the deceased to make or alter their will is disputed
- c) Claim there was a clerical error in the drafting of the will
- d) Claim that the person drafting the will failed to reflect the intentions of the deceased
Tip: All of the above can lead to a claim, highlighting the importance of having your will professionally drafted.
7.What is the most difficult to prove when contesting a will in the UK?
- a) Undue influence (unreasonable pressure) applied to the deceased to make and sign the will
- b) The mental and legal ability of the deceased to make or alter their will is disputed
- c) Claim there was a clerical error in the drafting of the will
- d) Claim that the person drafting the will failed to reflect the intentions of the deceased
8.The time limit for a claim against an estate is:
- a) 3 months
- b) 6 months
- c) 2 years
- d) 5 years
9.The time limit for issuing a claim against an estate from the date of the Grant of Representation, under the Inheritance (Provision for Family and Dependants) Act is:
- a) 3 months
- b) 6 months
- c) 2 years
- d) 5 years
How did you do?
1) d 2) all 3) d 4) c 5) none of the above
6) a 7) a 8) b 9) b
Five or less questions correct? Perhaps it’s time for a meeting with B P Collins’ wills, trust and probate team to help avoid any disputes amongst loved ones after you’ve gone. With the law changing frequently and contentious probate on the rise, B P Collins is committed to helping you minimise the risk of a claim against your estate, by providing up to date and tailored advice. Call 01753 279030 or email privateclient@bpcollins.co.uk.