ST C 8

Question 1

1. In relation to estate planning what is the main distinction between tenants in common and joint tenants?

Answer 1

Tenants in common (joint owners in Scotland)

• on death the beneficial value of the individual’s share of the property passes to their own estate.

Joint tenancy (joint ownership with survivorship in Scotland).

• when one tenant dies, the proper1ty automatically passes to the surviving tenant.

Question 2

2. What are the three main requirements for a will to be valid?

Answer 2

• must be written (print, type or handwriting).
• must be signed or marked by th13 testator.
• attestation - signature must be witnessed by two or more people present when the will is signed.

Question 3

3. a. Which body has the authority to execute a will on behalf of a person lacking mental capacity?
   b. Which official acts on the person’s behalf?

Answer 3

a. Court of Protection.

b. The official Solicitor acts for the patient.

Question 4

How would you define estate planning?

Answer 4

Estate planning is maximising the value of the estate at death by minimising the inheritance tax payable and/or ensuring the estate is passed on to the beneficiaries they would like.