G: Laws of succession

Anmerkungen:

• Three major formalities required in making of a valid will: - writing - signature (signed by testator) - attestation (witnessed by two or more people in prescence of testator)

1. Executors prove will in Probate Registry to obtain Grant of Probate
2. Exectuors complete HMRC account showing all assets plus PETs
3. IHT due on total of estate plus any non-exempt transfers above nil-rate band
4. Tax must be paid before Grant of Probate issued
5. Executors distribute estate as specified in the will

1. Administrator applies to Probate Registry for grant of Letters of Administration
2. Procedure for paying IHT similar to procedure for Wills
   1. Spouse/civil partner but no issue, parents, brothers, sisters, or issue therooef
      1. Spouse/civil partner takes everything absolutely
   2. Spouse/civil partner and issue
      1. Spouse/civil partner takes personal chattels plus £250k absolutely plus life interest in one half of the residue
      2. Issue takes one half of the residue on reaching 18 or marrying below that age, plus the other half of the residue on death of the spouse/civil partner
   3. Spouse/civil partner, no issue, but parents, brothers, sisters, or issue thereof
      1. Spouse/civil partner takes personal chattels plus £450k absolutely plus one half of the reside absolutely
      2. Parents, failing a parent then brothers and sisters (nephews and neices step into parent's shoes if the latter are dead) take the other half of the residue
   4. No spouse/civil partner
      1. Everything taken by issue then successively grandchildren, parents, brothers and sisters; grandparents, uncles and aunts
   5. No relatives
      1. The Crown or Duchy of Lancaster or Duchy of Cornwall where residency is relevant takes all remaining assets of the estate