Questions

In this Seminar, you will be considering legal issues arising in relation to the estate of Gary Wilson, who has recently died. First, consider the Solicitor's Attendance Note provided (Appendix 1) and Gary's will (Appendix 2). Then, prepare answers to the following questions, and be ready to discuss these and your reasoning in the Seminar.

Q1. On the presumption that the will is valid, how will Gary's estate be distributed? Please provide precise figures for how much each beneficiary will receive.

Q2. For the purposes of this question only, assume that the will is not valid, and so the Intestacy Rules apply. How will Gary's estate be distributed in this situation? Please provide precise figures for how much each beneficiary will receive.

Q3. Reverting to the presumption that the will is valid, explain the Inheritance Tax liabilities that arise following Gary's death, including a full calculation of the Inheritance Tax payable.

Q4. Again, on the presumption that the will is valid, what is your advice on who should act as Personal Representative(s) for Gary? Prepare a simple checklist of the key steps that Gary's Personal Representative(s) should take in order to administer the estate effectively.

Appendix 1

Attendance Note

Date: 24 February 2024 Matter: Estate of Gary Wilson

Fee Earner: Maryam Khan Reference: MK 518-A

Time Engaged:1 hour

MK meeting with Amelia Wilson, whose husband Gary died last month. She wants advice on administering the estate under his will, a copy of which was provided (see Appendix 2). MK agreed that we would provide full advice on administering the estate, including distribution of the estate, tax issues and estate administration. The estate background is as follows:

Family

As shown in the family tree below:

• Gary was married to Amelia for over 40 years
• Gary and Amelia had three children:
  • Emma (40), who has one daughter, Tanzeela (16)
  • Sarah (35)
  • Kevin (who died last year, aged 38). Kevin had 2 daughters, Ella (19) and Josie (12)

Gary m Amelia

Emma Kevin Sarah

(40) d.2023 (35)

Tanzeela Ella Josie

(16) (19) (12)

Financial Information

Assets

• 12 Frankland Close (owned with Amelia as joint tenants) 600,000 (full value)
• 51 Bull St, Birmingham (rental property) 220,000
• Current bank account (HSBC) 25,000
• Clothing and personal items 5,000
• Shares in Wilson Trading Limited (family company) 100,000
• Furniture 12,500
• BMW car 13,000
• Marks & Spencer Plc shares 50,000
• New Provident Assurance Life Policy (payable to estate) 100,000

Debts & Expenses

• Personal Loan 5,000
• Funeral expenses 3,000
• Credit card 2,000

Gary made a gift of 400,000 to his daughter Sarah (to help her buy a house) 4 years ago. He made no other lifetime gifts.

Appendix 2

COPY WILL

This is the last will and testament of me Gary Wilson of 12 Frankland Close, Edgbaston, Birmingham, which I make this 12th day of October 2018

1. I REVOKE all former wills, codicils, and testamentary dispositions

2. I APPOINT my son Kevin Wilson of 17 Harborne Lane, Birmingham to be the executor and trustee hereof

3. I GIVE my Mercedes car (registration VE16 TYW) to my younger daughter, Sarah Shaw

4. I GIVE to Cancer Research UK the sum of 20,000 for its general charitable purposes

5. I GIVE my shares in Wilson Trading Limited to my son, Kevin Wilson

6. I GIVE my shares in Marks & Spencer Plc to my elder daughter, Emma Mahmud

7. I GIVE my Residuary Estate to my wife Amelia.

Signed by the said GARY WILSON in our) Gary Wilson

joint presence and then by us in his )

S Singh N Kaur

Surinder Singh Sohal Narinder Kaur

Accountant Doctor

10 Frankland Close 10 Frankland Close

Birmingham Birmingham