Law of successionWatch
I am struggling with a scenario question and I have attempted my answer below I was wondering if anybody can help give me the correct answer if I am wrong and how they got there.
It's below would really appreciate it
Matter: Estates of Damian and Kirsten Grey Deceased
I had a meeting last week on 24 October 2019 with Molly Grey and her mother, Linda. Molly is the executrix of her late brother, Damian’s will. I have explained to her what this will involve and she is happy to act. Damian’s will is enclosed (Document 2) (Note to students: You may assume the will is valid).
Damian was killed in a tragic rollercoaster accident together with his younger sister, Kirsten and Damian’s boyfriend, Carl Foster. Kirsten and Carl died instantly, Damian died 6 days later in hospital. Enclosed is a list of Damian’s assets (Document 3)
Kirsten did not leave a will. She was 19 years old and on a gap-year after her A-levels. She had a bank account but this was overdrawn in the sum of £1500. She also had a building society account with a credit balance of £3500. Molly is happy to act as administrator for Kirsten’s estate.
Damian and Kirsten are survived by their parents, Linda and George. Sadly, both of their parents were left severely disabled in a freak hot air-ballooning accident ago. They need assistance and care and live with Molly and her boyfriend, Tommy Dunn. Molly is their only surviving sibling. Neither sibling was married nor had any children. Molly is particularly concerned about when money will become available as she has some large bills to pay in connection with making their home more accessible to their now disabled parents. Damian had promised to help with these bills.
I have told Molly I would be handing over the day-to-day management of the file to you. I have already sent her our initial engagement letter dealing with costs, client care and complaints.
Please write to her explaining:
1. Who is entitled to share in Damian’s estate and upon what basis. You should specifically address Molly’s concerns about when cash will be available.
2. Who will be entitled to share in Kirsten’s estate and upon what basis
3. What would happen to her own property if she were to unfortunately die before her will is finalised.
4. Asking her to make a further appointment to progress the drafting of her will
Will of Damian Grey Deceased
This is the last will and testament of me Damian Grey of 108 Crown Avenue Horwich Bolton which I make this 24 day of June 2018
1. I appoint my sister Molly Grey of 9 Railway Road Chorley Lancashire PR6 9QF to be the executrix of this my will
2. I give all my personal chattels as defined by Section 55 (1)(x) Administration of Estates Act 1925 to Tommy Dunn of 9 Railway Road Chorley
3. I give the sum of £1000 (one thousand pounds) free of tax to my Carl Foster of 1 Rivington Lane Blackrod Bolton
3. I give the rest of my estate subject to the payment of debts tax and administration expenses to my sister Kirsten Grey of 40 Knowsley Avenue Manchester and my sister Molly Grey of 9 Railway Road Chorley in equal shares
Woolwich Building Society Account 15,000
108 Crown Lane (free of mortgage – held as beneficial joint tenants with Molly) 180,000
FriendsLife Life Insurance policy (written in trust for Molly) 30,000
HSBC Bank Account (current) 6,000
Antique pocket watch 5,000
Collection of rare stamps (inherited from his grandfather and kept in a safe at the bank for security and as an investment) 15,000
Portfolio of stocks and shares 40,000
Company Car: Audi A3 (owned and provided by his employers Fairport PLC) 20,000
Caravan based at Lakeland, Cumbria, England (Rented out for the summer season April-October inclusive via Haven Holidays) 30,000
Funeral Account 2,000
Credit Card Balance 3,400
Utility bills 600
All liabilities will have to be paid out of the shares
House goes to the executor of the will which is his sister but I am struggling with the rest