Succession Laws: Quiz - Answers

Question 1
c. The only requirements for a witness to your will are that the witness is 18 or over, and can see you signing (ie. is not blind).

Question 2
a. The trustees of your superannuation fund have discretion to decide who to pay your superannuation to. You can make a ‘binding death benefit nomination’ with your fund to specify whom you want your super to be paid to.

Question 3
b. If a specific gift is left in a will and the decased no longer owned it at the time of their death, the beneficiary usually receives nothing. This is called ‘ademption’.

Question 4
b. If her father lacked capacity at the time the unit was sold, and any remaining funds can be identified, it is likely that the daughter will receive any remaining proceeds of sale, including any bond paid to the nursing home.

Question 5
d. In Victoria there are no limits on who can apply to the court for provision, or further provision out of a deceased person’s estate. The relationship between the deceased person and the applicant is just one factor that the court will take into account when making a decision.

Question 6
c. Because the value of the estate is greater than $150,000, Julia’s husband will receive Julia’s personal belongings, a ‘statutory legacy’ of $150,000 and one third of the remainder. Julia’s daughters share the other two thirds of the remainder in equal shares. Intestate estates only go to the Victorian Government if the deceased person had no next of kin, or no next of kin could be located.

Question 7
c. Because Henry and his partner have been living together for more than two years, but less than four years, Henry’s wife will receive two thirds of his estate and his partner will receive one-third of his estate. Intestate estates only go to the Victorian Government if the deceased person had no next of kin, or no next of kin could be located.

Question 8
b. Because the beach house is the mortgaged property, it will be the asset that automatically bears the debt. This is the case regardless of the fact that the mortgage was raised for the purpose of benefitting another of the gifted assets, the printing business. However, if Marco had specifically directed that another of the assets should pay off the mortgage, the beach house would no longer automatically bear the debt.

 

How did you go? Whether you are an expert or a novice, you can find out more about wills, family provision, debts, small estates, executors and intestacy by reading the VLRC's succession laws review consultation papers. Then, make your voice heard by making a submission before 28 March 2013.
 

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Date Published: 
Friday, February 8, 2013 - 16:00

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