Wills Flashcards

1
Q

Conditions for wills to be valid

A
  • testator must be 18 over 18 and if sound mind
  • must be in writing
  • must be signed by the testator
  • must be signed by 2 or more witnesses when signed by testator
  • if a beneficiary or spouse of a beneficiary witnesses the will then they will forfeit their inheritance but the willl remains valid
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2
Q

Revocation of a will

A
  • can be revoked at any time
  • a new will can be made which overrides the previous will
  • marriage or remarriage will revoke a will
  • on divorce, wills remain valid but ex spouse not entitled to any benefits
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3
Q

Benefits of a will

A
  • dictates guardianship of the children
  • avoids family feuds
  • speeds up distributions
  • ensures the wishes of the deceased are carried out
  • funeral wishes can be recorded
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4
Q

Deed of variation

A
  • original beneficiaries but be 18 and of sound mind
  • all affected beneficiaries must agree and within 2 years of death
  • the deed must refer to the will and make clear it will have the same effect as if the deceased had made the will
  • must make clear it is for IHT purposes
  • if more inheritance tax is due then the personal representatives must sign
  • beneficiaries can accept money or something of value in exchange
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5
Q

Other options to amend a will

A
  • disclaimer

- make a claim that the will did not make reasonable provisions for them

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