How Much Do You Know On The World Of Probate?

Explanation
In this scenario, since the man did not leave a will, the laws of intestacy would likely come into play. In most jurisdictions, when a person dies without a will, their estate is divided among their closest living relatives according to a predetermined order of priority. In this case, the man's new wife would likely be entitled to a portion of his estate, as she was his legal spouse at the time of his death. The exact distribution would depend on the specific laws of the jurisdiction in which the man lived.

Explanation
The explanation for the correct answer C - Free is that it implies that you can obtain a will without any cost or payment. This means that there are no fees or charges associated with acquiring the will, making it the cheapest option among the given choices.

Explanation
When a married couple separates but does not officially get divorced, their legal status remains married. Therefore, the woman's estate would go to her husband upon her death, regardless of the fact that she had met someone new and had children with her new partner. Since she did not leave a will, the laws of intestacy would likely determine that her husband is the rightful heir to her estate.

Explanation
No, the debt will not be written off and her son will not receive the full share of £240,000. When a person dies, their debts are typically paid off using the assets from their estate. In this case, the woman owes £12,000 on a car loan and £27,000 on her mortgage. These debts will need to be settled before any remaining assets can be distributed to her son. Therefore, the son will not receive the full amount of £240,000.

Explanation
In the absence of a will, the estate of the half brother would typically be distributed according to the laws of intestacy. These laws vary by jurisdiction, but generally, when someone dies without a will, their estate is distributed to their closest living relatives. In this case, the closest living relative of the half brother would be his sister, as they share the same mother. Therefore, his sister would be entitled to his estate.

Explanation
This statement is false. The oldest child is not always the executor of a parent's will. The choice of executor is typically based on the parent's personal preference and can be any individual chosen by the parent, regardless of birth order.

Explanation
In most cases, the money in a joint account belongs to both account holders, regardless of their marital status. Since the man and his ex-wife still have their joint accounts and the money has remained untouched, the ex-wife would still be entitled to it. The man's new wife would not have any claim to the money in the joint account unless it was specified in his will.

Explanation
The Bona Vacantia list of unclaimed estates is not updated every Thursday.

Explanation
An insolvent estate refers to a situation where the debts of an estate surpass its assets. This means that the value of the estate is not enough to cover the outstanding debts. In such cases, the estate is unable to meet its financial obligations and may require legal proceedings such as bankruptcy or liquidation to settle the debts.

Explanation
Spouses are not legally obligated to inform each other about changes made to their will. While it may be a common practice for spouses to discuss and update their wills together, there is no legal requirement for them to do so. Each individual has the right to make changes to their will without notifying their spouse. Therefore, the statement is false.