1 / 14

Unit 24

Unit 24. Wills and Inheritance. Learning outcomes of the Unit 24. Students will be able to: explain the legal basis of inheritance describe different provisions for moveable and immovable property describe the distribution of property among closest family members (spouses and children)

Faraday
Download Presentation

Unit 24

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Unit 24 Wills and Inheritance

  2. Learning outcomes of the Unit 24 • Students will be able to: • explain the legal basis of inheritance • describe different provisions for moveable and immovable property • describe the distribution of property among closest family members (spouses and children) • name preconditions and some recommendations for making a will • explain and translate key terms related to the topic • give examples of property based on the text in the book • explain the provision of the Croatian Inheritance Law for making a will

  3. The legal basis of inheritance A) Law of intestacy / Inheritance law - a person (an intestate) dies without having made a will B) Will made by a testator who leaves his/her property to any chosen beneficiaries HOWEVER, the law provides a framework everyone must adhere to when leaving property and possessions to others in a will.

  4. Inheritance law Inheritance = the passing of wealth from one generation to another  • predominately between family members and close friends The transfer of wealth is controlled by: - statute law and - tax law. 

  5. Different inheritance laws in the UK for... A) the inheritance of MOVEABLE PROPERTY governed by the law of the deceased’s domicile at the time of his/her death • the inheritance of IMMOVABLE PROPERTY governed by lex situs(the law applicable at the location of the property) → Thus, for UK property rights, UK law aplies even though the deceased may have a foreign domicile.

  6. When the deceased is survived by a spouse and children of the marriage... The surviving SPOUSE receives the first £125,000 of the estate and a right to income for life for one half of the remaining estate The CHILDREN receive the other one half share of the remaining estate If there are no children£200,000 of the estate plus the income of one half of the remainder - other relatives receive the other one half of the remainder. If there is no surviving spouse the children receive the whole estate in equal shares.

  7. Making a will... A will of a person domiciled in the UK is valid if... • the testator has testamentary capacity (is not under the age of 18) • is of sound mind to understand the terms of the will • has a genuine intention to have his/her estate devolve in accordance with the will

  8. How to execute a will? • Chose 2 witnesses. These witness should be of the legal age. The witnesses should be younger than you. This is helpful in case they are needed later. Using friends and neighbors is most common. DO NOT use anyone mentioned in your will. (Your: Executor, Guardian, spouse, children or Beneficiaries, etc.) • Ask them to witness your will. You do not need to tell them the contents of your will. They are only witnessing your signing of your will. • Witnessing your will must be done all at one time. No one should leave the table until all have signed in the places provided. • Most wills are more than one page. This being the case, it will be necessary to staple your will in the upper right and left corners. DO NOT remove the staples.

  9. Execution of a will – PART 2 • Having the witnesses watch you, you will sign first. The witnesses will then sign after you. • You also have the option to sign or initial each page. This is acceptable but make sure to do each page. • Included in the printing of your will is an Affidavit. It is not required for the execution of your will but does add to the validity. When it comes time to have it notarized, notaries can be found at most banks and post offices. • Store your will in a safe place. Most people keep it with their important papers. If you have an Attorney, place a copy with them. Other places are: safe deposit boxes, safes, fire proof-lock boxes…

  10. The final stage... Formalities related to the drafting and execution of the will should comply with • the requirements of UK law • the law of the testator’s domicile If so the will is admitted to probate and becomes an official document giving full recognition to a will of a deceased person.

  11. Match each legal term with its definition.

  12. Read the text in the book, p. 114 and explain... Who are the people mentioned in the will? • Mr. Philip Scott Yorke • Mr. Paul Yorke-Parker • A. R.Browne and J. G. Jones • Mr. N. A. Y. Yorke-Modge • R. C. Roberts & Russel

  13. Complete the following overview... The estate of the deceased P. S. Yorke consists of: 1._______________________________ 2._______________________________ 3._______________________________ 4._______________________________ 5._______________________________ 6._______________________________

  14. Translate into English. Zakon o nasljeđivanju Nasljeđivanje na temelju oporuke Članak 26 • Oporuku može napraviti svaka osoba sposobna za rasuđivanje koja je navršila 16 godina života. Članak 30 • Oporuka je valjana ako ju je oporučitelj vlastoručno napisao i ako ju je potpisao. Članak 31 (2) Oporučitelj koji zna i može čitati i pisati može sastaviti oporuku tako što će za ispravu, bez obzira tko ju je sastavio, izjaviti pred dva istodobno nazočna svjedoka da je to njegova oporuka te je pred njima potpisati.

More Related