Wills and Administration of Trusts – Brief notes on the exam
If joint tenants in equity, it passes irrespective of the will.
If tenants in common, need to account for it in the will.
In the interviewing assessment you will get assessed on how you explain property
ownership.
Clients in the assessment will know how it is owned, but will not tell you until you have
explained property ownership.
Life insurance policies also pass outside of the will.
Pension provisions can also pass outside of the will – needs to be dealt with by
correspondence with your employer. If no provision made, it will fall into the residue estate.
Always ask about children, and if they have children.
Marks in the assessment for making sure the client leaves knowing what is going to
happen next, and informed of when you will next contact them. Manage their
expectations.
Always clarify with the client whether specific legacies still exist. Almost always comes up.
Will need to tell the client, if already given away or no longer exists, then theres nothing
that can be done.
Joint bank account passes outside the will.
If a client asks who pays for the funeral – the estate pays for the funeral before the estate is
distributed.
It is acceptable for a beneficiary to be an executor, but a beneficiary cannot be a witness to
the will.
In the exam you need to be familiar with clauses in the will. The purposes of the clauses.
Whether the clauses fail or not. What happens if the clause fails.
If joint tenants in equity, it passes irrespective of the will.
If tenants in common, need to account for it in the will.
In the interviewing assessment you will get assessed on how you explain property
ownership.
Clients in the assessment will know how it is owned, but will not tell you until you have
explained property ownership.
Life insurance policies also pass outside of the will.
Pension provisions can also pass outside of the will – needs to be dealt with by
correspondence with your employer. If no provision made, it will fall into the residue estate.
Always ask about children, and if they have children.
Marks in the assessment for making sure the client leaves knowing what is going to
happen next, and informed of when you will next contact them. Manage their
expectations.
Always clarify with the client whether specific legacies still exist. Almost always comes up.
Will need to tell the client, if already given away or no longer exists, then theres nothing
that can be done.
Joint bank account passes outside the will.
If a client asks who pays for the funeral – the estate pays for the funeral before the estate is
distributed.
It is acceptable for a beneficiary to be an executor, but a beneficiary cannot be a witness to
the will.
In the exam you need to be familiar with clauses in the will. The purposes of the clauses.
Whether the clauses fail or not. What happens if the clause fails.
