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

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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”
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This note was uploaded on 12/06/2011 for the course ECON 101 taught by Professor Shen during the Three '11 term at Monash.

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

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