Lecturer: Miljen Matijašević G10, room 6/I, Tue 15:30-16:30 Session 6, 25 Nov 2014.

Slides:



Advertisements
Similar presentations
Wills, Trusts and Estates
Advertisements

Wills and Inheritance Unit 24. Preview Definitions: inheritance, will Definitions: inheritance, will Conditions for a valid will: form, substance Conditions.
Estate Planning Wills Wills Trusts Trusts Insurance Insurance Class 8.
Rights of descendants intentionally omitted from a will  While spouses are protected when intentionally omitted from a will through the elective share,
Miljen Matijašević Office: G10, room 6 (1st floor) Tue, 15:30-16:30.
Writing a Will.
Final Draft and Execution of a Valid Will
Wills, Intestacy, and Estate Planning
Copyright ©2004 Pearson Education, Inc. All rights reserved. Chapter 20 Estate Planning.
Succession Justin Brown 13th Wentworth Selborne Chambers.
Wills and Inheritance. Inheritance Law  Inheritance Law (sometimes called Wills and Probate) is concerned with the distribution of a person’s property.
Lecturer: Miljen Matijašević G10, room 6, Tue 15:30-16:30 Session 1, 14 Oct 2014.
Documents: Wills Duke Legal Project. Purposes of a will Transfer property Name an executor to handle transfer of property Name a guardian for minor children.
11-1©2005 Pearson Education Canada Inc. Chapter 11 Wills: Planning for the Distribution of Assets Wills provide for an orderly procedure for changing the.
Chapter 20 Estate Planning. Copyright ©2014 Pearson Education, Inc. All rights reserved.20-2 Chapter Objectives Explain the use of a will Describe estate.
PART 5: LIFE CYCLE ISSUES Chapter 17 Estate Planning: Saving Your Heirs Money and Headaches.
Wills and Inheritance. Inheritance Law Inheritance Law (sometimes called Wills and Probate) is concerned with the distribution of a person’s property.
Advance Directives & Wills
Wills and Inheritance.
© 2004 West Legal Studies in Business A Division of Thomson Learning 1 Chapter 51 Wills, Trusts, and Elder Law Chapter 51 Wills, Trusts, and Elder Law.
Estate Planning Basics Melissa Dalla, Esq. Dufford & Brown, P.C Broadway, Suite 2100 Denver, CO (303)
Estate Planning Wills Wills Trusts Trusts Insurance Insurance Class 8.
Transfers at Death Wills February 14, 2008 Rachel Kirk.
© 2007 Prentice Hall, Business Law, sixth edition, Henry R. Cheeseman Chapter 52: Wills, Trusts, and Living Wills Chapter 52: Wills, Trusts, and.
Business Law B-Personal Law Objective 5.02 Understand Retirement Planning, Death Benefits, Disability and Wills and Estate Planning. BB30 Business Law.
WILLS AND INHERITANCE.
© 2010 Pearson Education, Inc., publishing as Prentice-Hall 1 WILLS, TRUSTS, AND ELDER LAW © 2010 Pearson Education, Inc., publishing as Prentice-Hall.
BB30 Business Law 5.02 Summer 2013 Business Law
Unit 24 Wills and Inheritance. Learning outcomes of the Unit 24 Students will be able to: 1. explain the legal basis of inheritance 2. describe different.
Business Law and the Regulation of Business Chapter 52: Trusts and Wills By Richard A. Mann & Barry S. Roberts.
25-1 Chapter 52 Wills, Trusts, and Estates. Learning Objectives  List and describe the requirements for making a valid will  Describe the different.
Wills, Trusts and Estates Chapter 19. What is a will? A legal expression, usually in writing, by which a person directs how their property is to be distributed.
Essentials Of Business Law Chapter 24 Wills, Intestacy, And Trusts McGraw-Hill/Irwin Copyright © 2007 The McGraw-Hill Companies, Inc. All rights reserved.
© The McGraw-Hill Companies, Inc., All Rights Reserved. Irwin/McGraw-Hill 19-1 C HAPTER 19 Personal Finance Estate Planning Kapoor Dlabay Hughes.
Wills Workshop Surveys indicate around 65% of the adult population in England and Wales have NOT made a Will.
Dr. Steven Hays Personal Finance BKHS.  Explain the use of a will  Describe estate taxes  Explain the use of trusts, gifts, and contributions  Introduce.
Miljen Matijašević Office: G10, room 6 (1st floor) Tue, 15:30-16:30.
 A document that is signed during your lifetime that provides for the distribution of your property upon death  Each state has it’s own requirements.
Chapter 21.2: Estate Planning
Divorce. How Marriages End 0 Death – one of the two dies 0 Annulment – courts rules that the marriage was never effective 0 Divorce – Valid marriage has.
Wills, Trusts, and Living Wills
Wills, Trusts and Estates Chapter 14. Terminology Decedent – the one who dies Heirs – the persons who take property from the decedent when the decedent.
Business Law Chapter 40 Wills and Intestacy “Where There is a Will There is a Way”
Estate Planning.  Estate: the assets of a deceased person after all debts are paid  Estate planning: the act of planning for how your wealth will be.
Chapter 46 Wills and Trusts. 2  What are the basic requirements for executing a will?  How may a will be revoked?  What is the difference between a.
Chapter 38 Insurance, Wills and Trusts. 2  What is an insurable interest? When must an insurable interest exist?  Is an insurance broker the agent of.
26-1 Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.
Copyright © 2009 by Pearson Prentice Hall. All rights reserved. PowerPoint Slides to Accompany CONTEMPORARY BUSINESS AND ONLINE COMMERCE LAW 6 th Edition.
Chapter 24 Wills, Estates, and Trusts
England and Wales Last wills Testator dies on after 1 January 1983 Monika Drela.
Upon a person’s demise … Distribute Assets to Beneficiaries TESTATE (With A Will) Apply For Grant of Probate Apply For Letter Of Administration INTESTATE.
Life for those after death..  A legal written instructions for the distribution of property and possessions after death. ◦ For any one with assets it.
BUSINESS LAW Objective 5.02: Understand Retirement Planning, Death Benefits, Disability and Wills and Estate Planning. BB30 Business Law 5.02Summer 2013.
© 2003 The McGraw-Hill Companies, Inc., All Rights Reserved Chapter 15 Estates And Trusts.
Crime can be defined as an offence against the _____________, because ___________ prosecutes every wrongdoer in the name of ________________. Crimes can.
Wills and Inheritance Unit 24. Preview Definitions: inheritance, will Definitions: inheritance, will Conditions for a valid will: form, substance Conditions.
Canadian Islamic Wills
Wills and Trusts. Estate Planning  Estate Planning and Probate involves planning for the distribution of property after death and the mechanics of how.
Business Law B-Personal Law Objective 5.02 Understand Wills and Estate Planning. BB30 Business Law 5.02Summer 2013.
Unit 7: Wills, Estates, and Trusts. Wills Will provides for a Testamentary disposition of property. –A will is the final declaration of how a person desires.
Wills and Inheritance. Inheritance Law  Inheritance Law is concerned with the distribution of a person’s property following their death  This may occur.
The Law of Succession: Death Testate or Intestate
The Estate Plan and the Purpose and Need for a Will
Chapter 21.2: Estate Planning
English for social workers I session 2, 12 oct 2017
English for Tax Administration 1
Wills and Inheritance Unit 24.
Wills.
Legal Consequences of Death
BB30 Business Law 5.02 Summer 2013 Business Law
Presentation transcript:

Lecturer: Miljen Matijašević G10, room 6/I, Tue 15:30-16:30 Session 6, 25 Nov 2014

1. Revision of the last session 2. Wills and Inheritance

Marriage – Divorce

1. How is marriage defined in English law? 2. What is common-law marriage? 3. Who has capacity to marry? 5. What marriages are void/voidable? 6. What do you know about same-sex marriages in the UK and the USA?

1. What was divorce law based on before 1969? 2. Does English law protect marriage? 3. What is judicial separation and why does the instutite exist? 4. What are possible grounds for divorce in the UK today?

Unit 24

 a.k.a. the law of succession  law that regulates the succession of property upon a person’s death  a deceased person may: ◦ die ‘testate’ (having left a valid will) ◦ die ‘intestate’ (having left no will or an invalid will)

 a declaration of a person’s wishes concerning the distribution of his/her property after death  it can regulate only what happens to the property owned by the deceased at the time of death  not a permanent document – can be changed or revoked

a will is valid if the testator has testamentary capacity (any person of full age and sound mind) if it is written in accordance with legal requirements

a valid will must be: in writing signed by the testator attested by at least 2 witnesses authenticity of the testator’s signature the witnesses confirm by their signature the authenticity of the testator’s signature they do not need to know the contents of the will

 a will is alterable  can be altered (changed) or added to  any changes within the will must be signed by the testator and witnesses  a will can be added to by an attached codicil

 a will is revocable until the testator dies  it can be revoked by: ◦ a new will (revoking the previous will) ◦ a codicil ◦ a writing executed as a will ◦ subsequent marriage of the testator ◦ destruction of the will

 the whole of one's possessions, especially all the property and debts left by one at death ◦ DEVISE  land and real property owned by the testator ◦ LEGACY/BEQUEST  any other form of property (e.g. cars, pecuniary bequests) ◦ RESIDUE  all that remains after all the debts have been paid

 in common law a testator has complete freedom to dispose of property  not obliged to include provision for his dependants  Inheritance (Family Provision) Act 1938 (amended in 1952 and 1975) ◦ court given power to vary a will upon request by a dependant of the deceased ◦ possible for the court to order that ‘reasonable financial provision’ be paid out of the estate left by the deceased

 list of eligible claimants for family provision ◦ the wife or husband ◦ a former spouse who has not remarried ◦ a child ◦ any person treated by the deceased as a child of the family ◦ any person who immediately before the death of the deceased was being maintained by the deceased

 estate left to BENEFICIARIES  disposal of a testator’s estate vested in PERSONAL REPRESENTATIVES: ◦ EXECUTORS (of the will)  appointed in the will ◦ ADMINISTRATORS (of the estate)  for someone who died intestate

 an official document ◦ confirming that the will is genuine ◦ approving the executor’s right to administer the estate  executors apply for probate with the following documents ◦ the will ◦ a death certificate ◦ details of property liable to capital transfer tax ◦ a list of debts and funeral expenses  administrators – appointed by the court

 personal representatives ◦ absolute power to dispose of the estate ◦ must execute the will/administer the estate within one year and according to law ◦ e.g. must pay off any leftover debts before they transfer property to the beneficiaries

 if a person dies intestate, the estate is distributed according to special rules, laid down by the law (Administration of Estates Act, 1925 and Intestates’ Estate Act, 1952)  the following groups of people are considered ◦ surviving spouse (husband or wife) ◦ surviving children ◦ surviving parents ◦ surviving brothers and sisters of the whole blood ◦ surviving relations of remoter degree

 the surviving spouse is entitled to the largest part of the estate, the rest distributed in the above order  if a person leaves no relatives whatsoever, the property goes to the Crown

Translate into Croatian to die testate/intestate testator testamentary capacity of sound mind alteration (of a will) to alter a will revocation (of a will) to revoke a will codicil estate

 to die testate/intestate  testator  testamentary capacity  of sound mind  alteration (of a will)  to alter a will  revocation (of a will)  to revoke a will  codicil  estate ostaviti oporuku, umrijeti bez oporuke oporučitelj oporučna sposobnost mentalno zdrav izmjena oporuke izmijeniti oporuku opoziv oporuke opozvati oporuku dodatak oporuci imovina, ostavinska masa

Vocabulary devise, legacy/bequest pecuniary bequest residue spouse executor (of a will) administrator (of the estate) beneficiary (of the estate) probate family provision

Vocabulary devise, legacy/bequest – oporučni dar, ostavština pecuniary bequest – novčana ostavština residue - ostatak spouse - supružnik executor (of a will) – izvršitelj oporuke administrator (of the estate) – upravitelj imovine beneficiary (of the estate) - nasljednik probate – sudska ovjera oporuke family provision – zbrinjavanje obitelji

I, EDWARD COKE, of 14 Acacia Avenue, Oxbridge, in the County of Somerset, company director, HEREBY REVOKE all Wills and testamentary documents heretofore made by me AND DECLARE this to be my LAST WILL 1. I APPOINT my wife Gladys Coke, and my solicitor, Thomas B. Macaulay, to be jointly the executors of this my will. 2. I DEVISE my freehold cottage known as THE LILACS, at Tone Dale, Oxbridge, unto my son, Hugh Coke, in fee simple. 3. I BEQUEATH the following specific legacies: 1.To my son, John Coke, any motor-car I may own at the date of my death. 2.To my daughter, Carolyn Coke, all my ordinary shares in the company known as Imperial Chemical Industries plc. 3.To my said wife all my personal chattels not hereby bequeathed for her absolute use and benefit. 4. I BEQUEATH the following pecuniary legacies: 1.To my daughter Rosalyn Coke the sum of Three Thousand Pounds 2.To my daughter Elizabeth Coke the sum of Three Thousand Pounds

A Sample Will 5. I DEVISE AND BEQUEATH all the residue of my real and personal estate whatsoever and wheresoever not hereby or by any codicil hereto otherwise expressly disposed of as to my freeholds in fee simple and as to my personal estate absolutely unto my said wife Gladys Coke for her own absolute use and benefit. IN WITNESS whereof I the said Edward Coke the Testator have to this my LAST WILL set my hand this thirty-first day of March One Thousand Nine Hundred and Ninety-Three. SIGNED AND ACKNOWLEDGED by the above-named Edward Coke the Testator as and for his LAST WILL in the presence of us both present at the same time who at his request in his presence and in the presence of each other have hereunto subscribed our names as witnesses: (signatures)

Thank you for your attention!