{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Q12A - Problem Set 12 Solutions Q.1 A will is the most...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Problem Set 12 - Solutions Q.1 A will is the most familiar instrument by which assets are transferred on death. List some requirements for a valid will. The will must be in writing, the signature of testator must be attested by two independent witnesses present when the will is signed, the testator must have testamentary capacity, the testator must have the intention of making a will, the testator must be of legal age. Q.2 What assets are disposed of by wills? List the principal non-estate assets. Only assets which are the personal estate of the testator may be disposed of by will. Principal non-estate assets are trust properties (including superannuation death benefits), joint tenancies, life insurance proceeds, life interests in properties, pensions and annuities. Q.3 Describe how on death, assets may be disposed of without use of a will in the following cases: (i) joint tenancies (ii) life insurance (iii) superannuation (iv) life insurance as part of superannuation (v) trust distributions (vi) annuities, when they are ‘reversionary’ (vii) assets treated by “binding financial agreements”
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 3

Q12A - Problem Set 12 Solutions Q.1 A will is the most...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon bookmark
Ask a homework question - tutors are online