Unit 24. Wills and Inheritance. Learning outcomes of the Unit 24. Students will be able to: explain the legal basis of inheritance describe different provisions for moveable and immovable property describe the distribution of property among closest family members (spouses and children)
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Wills and Inheritance
A) Law of intestacy / Inheritance law
- a person (an intestate) dies without having
made a will
B) Will made by a testator
who leaves his/her property to any chosen
HOWEVER, the law provides a framework everyone must adhere to when leaving property and possessions to others in a will.
Inheritance = the passing of wealth from one generation to another
The transfer of wealth is controlled by:
- statute law and
- tax law.
A) the inheritance of MOVEABLE PROPERTY
governed by the law of the deceased’s domicile at the time of his/her death
governed by lex situs(the law applicable at the location of the property)
→ Thus, for UK property rights, UK law aplies even though the deceased may have a foreign domicile.
The surviving SPOUSE receives the first £125,000 of the estate and a right to income for life for one half of the remaining estate
The CHILDREN receive the other one half share of the remaining estate
If there are no children£200,000 of the estate plus the income of one half of the remainder
- other relatives receive the other one half of the remainder.
If there is no surviving spouse the children receive the whole estate in equal shares.
A will of a person domiciled in the UK is valid if...
Formalities related to the drafting and execution of the will should comply with
If so the will is admitted to probate and becomes an official document giving full recognition to a will of a deceased person.
Who are the people mentioned in the will?
The estate of the deceased P. S. Yorke consists of:
Zakon o nasljeđivanju
Nasljeđivanje na temelju oporuke
(2) Oporučitelj koji zna i može čitati i pisati može sastaviti oporuku tako što će za ispravu, bez obzira tko ju je sastavio, izjaviti pred dva istodobno nazočna svjedoka da je to njegova oporuka te je pred njima potpisati.