SQE2 Wills & Probate Practice 2

Question 1

The rule in Saunders v Vautier allows beneficiaries who are:

Accepted Answer

All adult, fully entitled and absolutely entitled under the trust to terminate the trust and demand the assets

Answer

Minors with court approval

Answer

Any majority of beneficiaries to override the trustee

Answer

Contingent beneficiaries to advance their interest

Question 2

In a will, a residuary clause is important because:

Accepted Answer

It disposes of everything not covered by specific or general legacies, preventing partial intestacy

Answer

It names the executors

Answer

It sets out the testator's funeral wishes

Answer

It appoints guardians for minor children

Question 3

The 'reading back' principle in succession law provides that:

Accepted Answer

A codicil is read as part of the original will

Answer

Later wills always revoke earlier wills

Answer

A mutual will cannot be revoked after the first party dies and the survivor benefits from the arrangement

Answer

A failed gift passes to residue

Question 4

An executor's primary duties after a grant of probate include all of the following EXCEPT:

Accepted Answer

Advising beneficiaries on their personal tax planning

Answer

Collecting in the estate assets

Answer

Paying the deceased's debts and liabilities

Answer

Distributing the estate in accordance with the will

Question 5

Inheritance Tax (IHT) is generally charged at what rate on the amount of an estate above the nil-rate band?

Accepted Answer

40%

Answer

20%

Answer

45%

Answer

28%

Question 6

A specific legacy in a will 'adeems' when:

Accepted Answer

The specific asset bequeathed no longer exists in the estate at the date of death

Answer

The beneficiary predeceases the testator

Answer

The testator changes their mind but does not alter the will

Answer

The asset increases in value after the will is made