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 our multiple-choice questions to see if you need more expert advice.
1. 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.
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2. 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
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3. 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
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4. 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. are many
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5. 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
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6. 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.
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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
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8.The time limit for a claim against an estate is:
a) 3 months
b) 6 months
c) 2 years
d) 5 years
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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
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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.
