Module SXL-3214:
Wills & Estates

Overview

This module will include but will not be limited to the following topics:

• The validity of a will and interpretation of the contents of a will. The distribution of testate, intestate and partially intestate estates.
• The law and practice in connection with an application for a grant of representation.
• The law and practice of Inheritance Tax in the context of lifetime gifts and transfers on death.
• The planning, management and progression of the administration of an estate including claims under the Inheritance (Provision for Family and Dependants) Act 1975.
• The law and practice relating to personal representatives and trustees in the administration of estates and consequent trusts. The rights, powers and remedies of beneficiaries of wills and consequent trusts.

This module will include but will not be limited to the following topics:

• The validity of a will and interpretation of the contents of a will. The distribution of testate, intestate and partially intestate estates.
• The law and practice in connection with an application for a grant of representation.
• The law and practice of Inheritance Tax in the context of lifetime gifts and transfers on death.
• The planning, management and progression of the administration of an estate including claims under the Inheritance (Provision for Family and Dependants) Act 1975.
• The law and practice relating to personal representatives and trustees in the administration of estates and consequent trusts. The rights, powers and remedies of beneficiaries of wills and consequent trusts.

Assessment Strategy

-threshold -Threshold: D- to D+ (40-49%) An answer which, while predominantly correct in its presentation of material, contains a significant level of error and is therefore not entirely reliable.

-good -Good: B- to B+ (60-69%) High Standard: A comprehensive answer, containing all the material relevant to the question and no irrelevancy, all the material and references being accurate and correct, there being no inaccuracy or error, the whole presented in an argument which, while clear, logical and critical, leaves room for improvement in its construction and presentation. An answer which shows complete competence in the subject.

-excellent -Excellent: A- to A* (70+%) An outstanding answer containing all the material relevant to the question and no irrelevancy, all the material and references being accurate and correct, there being no inaccuracy or error, the whole presented in a clear, logical, critical argument with little room for improvement. An answer which demonstrates a complete mastery of the subject.

-another level-C- to C+ (50-59%) An answer which, while always in the main accurate and correct, fails to distinguish between relevant and irrelevant material and is lacking in criticism. An answer which while reliable with regard to correctness is either not comprehensive or not entirely pertinent.

Learning Outcomes

• Correctly recognise the various duties owed by a trustee to a beneficiary and to be able to advise a beneficiary in connection with any breach thereof.

• Demonstrate comprehensive knowledge of the advertisements made for creditors prior to distribution of the estate along with the time limits for the making of claims under the Inheritance (Provision for Family and Dependants) Act 1975.

• Demonstrate comprehensive knowledge of the differences between testate and intestate succession, and understand the differences between a grant of probate, a grant of letters of administration and a grant of letters of administration with will annexed.

• Demonstrate comprehensive knowledge of the need to register, where appropriate, the relevant grant of representation, the documents required to transfer personalty and / or realty to beneficiaries, to include the preparation of basic estate accounts.

• Demonstrate the ability to act honestly and with integrity and in accordance with the SoSC, the SRA Principles and the Code of Conduct, and in particular to be able to identify coercion, lack of testamentary capacity the relevant detailed rules in connection with estate accounts.

• Show a critical understanding of exempt transfers, annual exemptions, potentially exempt transfers, reliefs (business and agricultural land relief), and how to complete the various IHT forms.