Family Provisions And Post-death Variations Flashcards
What does the inheritance (provision for family and dependants) 1975 act allow for ?
Certain categories of people who are aggrieved if left out of the will
What applicants can make a claim under the 1975 act ?
- Spouse (lived together for 2 years)
- Former spouse
- Child of deceased
- Any person being maintained
immediately before death - Anyone living with them 2 years before death
What is the time limit for the applications ?
Must be within 6 months from the date of grant of representation
What are the grounds for claiming under the act ?
That the will has not made reasonable financial provision for the applicant
What are the two standards for reasonable financial provisions ?
- Surviving spouse standard = how much they would have expected in divorce
- The ordinary standard = applies to all other applicants, maintained defined as payments to discharge daily cost of living
Court can make an anti-avoidance order in what scenario ?
Where someone has discarded an asset with the intent to prevent it going to someone it should under the act.
How long should PRs wait before distributing the estate to avoid claims for family provisions ?
6 motherfucking months
What is a post death disclaimer?
Amounts to a rejection of the assets, they then pass as off the beneficiary has pre-deceased
What is a post death variation ?
A beneficiary who varies a benefit can direct where it is to go and on what terms
What conditions must be satisfied for variations to be read back into the Will to avoid IHT ?
- in writing and signed by original beneficiary
- within 2 years of deceaseds death and
- not made for a consideration in money or moneys worth
- must also state that s 142 is to apply
What does it mean if the variation is read back into the Will ?
It is as if the Will directed it to them originally
