Interpretation, alteration & revocation Flashcards
What impact does divorce have on a will?
Appointment of the former spouse/civil partner as executor/trustee is not valid.
A gift in the will to the former spouse/civil partner will fail.
When does a gift fail due to ademption?
If between making the will/dying, the item that was specifically gifted is no longer in T’s estate, the gift completely fails.
What is the impact of a marriage on a will?
Automatic revocation. When a person marries/enters into a civil partnership this automatically revokes in full any will (and codicil) made prior to the marriage unless an express clause states otherwise.
The will is treated as if the ex-spouse died on the date the divorce was finalised.
What are the requirements for a will in contemplation of marriage?
The will must name the future spouse/civil partner
Identify the intended ceremony
State whether/not T intends the will to be revoked on marriage
What is a demonstrative legacy?
Almost always pecuniary. A legacy which the will directs should be paid primarily out of a particular fund e.g. ‘my savings account with Y’
What ranks higher between general legacies/specific legacies?
If there is a shortage of assets, the PRs should pay the specific legacies first, then the general legacies.
What is abatement?
The process by which the estate is reduced and the executors pay out all of the debts/liabilities owed to it by third parties.
