1. Wills and Inheritance

2. Inheritance Law  Inheritance Law (sometimes called Wills and Probate) is concerned with the distribution of a person’s property following their death  This may occur either in accordance with the provisions of a will, or under applicable rules relating to intestacy (when a person dies without having made a will)

3. Will  ‘Last will and testament’  The document by which a person directs what should happen to their property after their death

4. Making of a will  A will must be made of free will, without coercion and it must be:  1) in writing,  2) signed by the testator (the person making the will), and  3) witnessed by at least two witnesses

5. Validity of a will  The testator must be over 18 when the will is made and of sound mind  The will must appoint one or more persons to carry out the terms of the will (executors)

6. Beneficiaries (legatees)  Persons who inherit property under a will  The property of a deceased person is known as their estate  It may comprise land and real estate (real property or realty) and all other property (personal property or personalty)

7. Revocation and alteration of wills  A will can be revoked or altered in the following ways:  1. By making a new will that makes it clear that the previous will(s) are revoked  2. By destruction of the previous will  3. By marriage or divorce  4. By amendment (an attached codicil)

8. Life interest  A bequest which stops when you die (f.e. the right to live in a house for your lifetime)  When you die, the house etc. becomes the property of the ‘remainderman’ named in the will  The person who is given a life interest is called the ‘life-tenant’

9. Residue  What is left to distribute from the estate once all the debts and taxes have been paid

10. Why it is important to make a will  If you die without a will (die intestate), there are rules which dictate how your estate should be allocated  Unmarried partners cannot inherit from each other unless there is a will  If you have children, arrangement for the children should be made if either or both parents die

11.  http://www.youtube.com/watch?v=4X7jbI9M 3uY http://www.youtube.com/watch?v=4X7jbI9M 3uY

12. What should be included in a will  How much money and what property and possessions you have  Who you want to benefit from your will  Who should look after any children under 18 (a guardian)  Who is going to sort out the estate and carry out your wishes as set out in the will (executors)

13. Intestacy  To die intestate  In that case, the person’s property is distributed in accordance with the intestacy rules  The order of priority (family) – heirs by intestacy

14. Probate  The official document which confirms that the will is valid and states who the executors are  Generally, the term probate is used to refer to the various laws and courts which deal with wills, intestacy, inheritance and disputes over estates

15.  Read Unit 24 (p. 114) and answer the following questions:  What is Mr. Yorke-Parker entitled to?  What does the estate consist of?  How will the ultimate residue be divided?

16.  Suppose you have received this letter and write a letter to the solicitors in reply

17. Vocabulary  Testator – oporučitelj  Executor – izvršitelj oporuke  Beneficiary (legatee) – nasljednik  Pecuniary legatee – nasljednik koji nasljeđuje gotovinu  Real estate – nekretnine  Revocation of a will – opoziv oporuke  Alteration of a will – izmjena oporuke  Life interest – doživotno pravo uživanja posjeda  Bequest – ostavština, oporučni dar, nasljedstvo

18. Vocabulary II  To die intestate – umrijeti bez oporuke  Intestacy – nepostojanje oporuke  Heir by intestacy – zakonski nasljednik  Probate – sudska ovjera oporuke  Probate court – ostavinski sud

19. Vocabulary exercise  Complete the following passage: A will should name an estate ___________ to guide the estate through the ___________ process. A will should also name a ____________ if there is a minor child involved. In the absence of a valid will, the _____________ decides who will inherit the property and distributes it to the legal __________ based on the laws of the state. A will should name an estate ___________ to guide the estate through the ___________ process. A will should also name a ____________ if there is a minor child involved. In the absence of a valid will, the _____________ decides who will inherit the property and distributes it to the legal __________ based on the laws of the state.

20. Answer key A will should name an estate EXECUTOR to guide the estate through the PROBATE process. A will should also name a GUARDIAN if there is a minor child involved. In the absence of a valid will, the PROBATE COURT decides who will inherit the property and distributes it to the legal HEIRS based on the laws of the state. A will should name an estate EXECUTOR to guide the estate through the PROBATE process. A will should also name a GUARDIAN if there is a minor child involved. In the absence of a valid will, the PROBATE COURT decides who will inherit the property and distributes it to the legal HEIRS based on the laws of the state.