Study Guide

.docx

School

University of Exeter**We aren't endorsed by this school

Course

EL EMP04

Subject

Law

Date

Jan 6, 2025

Pages

Uploaded by MegaComputerSeaUrchin37

Study Guide1. Entitlement and Grants of RepresentationKey Topics to Study:oRules of intestacy and testacy.oIndividuals entitled to inherit under a will and those eligible to apply for a grant of representation.oTypes of grants of representation (e.g., probate, letters of administration).oRoles of executors and administrators.Key Concepts:oExecutor’s duties and liabilities.oPriority order for grant applications if no will exists.oLegal challenges to representation.2. Validity of a WillKey Topics to Study:oFormalities for executing a valid will (e.g., signature, witness requirements).oGrounds for invalidating a will (e.g., lack of testamentary capacity, undue influence).oRevocation of a will.Key Concepts:oTestator’s mental capacity and knowledge/approval of the will’s contents.oRectification and interpretation of wills.3. Entitlement and AdministrationKey Topics to Study:oIdentifying heirs and beneficiaries under a will or intestacy rules.oDuties of personal representatives in estate administration.oInitial actions to secure and value estate assets.Key Concepts:oLegal obligations to creditors.oDistribution hierarchy in intestacy.4. Inheritance Tax (IHT)Key Topics to Study:oCalculation of IHT on death estates:Nil-rate band.Residence nil-rate band.Exemptions and reliefs (e.g., spousal exemptions, charity donations).oIHT on chargeable lifetime transfers (CLTs) and potentially exempt transfers (PETs).oReporting obligations to HMRC.Key Concepts:oTaper relief on CLTs.oApplication of annual exemptions.oValuation of gifts and assets for IHT.5. Administration ProcessKey Topics to Study:

oKey steps in administering an estate:Gathering and securing assets.Paying debts and liabilities.Distributing assets to beneficiaries.oTax compliance during administration (e.g., capital gains tax on asset sales).Key Concepts:oInterim distributions and final account preparation.oTax implications of asset transfers.Revision PlanWeek 1: Foundation and OverviewDay 1:Introduction to wills and representationoFocus: Testacy vs. intestacy, executors’ responsibilities.Day 2:Validity of willsoPractice spotting defects in sample wills.Day 3:Entitlement under intestacyoSolve hypothetical scenarios on intestacy distribution.Day 4:Estate administration processoReview steps and case studies of administration.Week 2: TaxationDay 5:IHT on death estatesoFocus: Nil-rate bands, exemptions, and practical calculations.Day 6:IHT on CLTs and PETsoWork through example problems.Day 7:Tax compliance during administrationoReview reporting to HMRC and asset valuation.Week 3: Practice and IntegrationDay 8:Draft and review grant of representation applications.Day 9:Solve IHT scenarios.Day 10:Identify steps to finalize an estate.Day 11:Case study practice: Full estate administration simulation.Week 4: Review and Mock ExamDay 12:Comprehensive review of wills and entitlement.Day 13:Taxation review, focusing on weak areas.Day 14:Mock exam and feedback session.Day 15:Final Q&A and reinforcement of key points.Tips for Success1.Active Recall:Create flashcards for key concepts, especially for IHT rules and validity checks.2.Practice Problems:Spend time solving past papers or scenarios to reinforce learning.3.Summarize as You Go:Condense topics into one-page summaries for quick revision.4.Use Flowcharts:Map out processes like estate administration and IHT calculation.