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
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
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
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
5
Q
Other options to amend a will
A
- disclaimer
- make a claim that the will did not make reasonable provisions for them