Wills And Intestacy Flashcards
Who gets what under laws of Intestacy with children?
Spouse or Civil Partner gets
Law reform succession Act 1995, requires the Spouse to survive 28 days after the first death before taking a share under the laws of Intestacy
Spouse gets any assets held jointly
Issue and Remoter Issue means Children and Grandchildrens or Great Grandchildren
- Personal Chattels, car, furniture, pictures etc
- spouse get first £250,000 absolutely
- plus 50% of the remainder of the estate
- children receive the other half once reached 18 or earlier on marriage
If spouse survives with no children then spouse is the sole beneficiary
If no spouse or relatives the crown takes every
Definition of child
Legitimate Child
Adopted child
Illegitimate child where parentage can be proved
What is the difference between a disclaimer and Deed of Variation?
Cannot accept money or value in return for the disclaimer
Must be done within 2 years of death
Wording - for IHT, such that benefit has not been received
Property is distributed to other beneficiaries
Deed of Variation allows the beneficiary to revise the terms of will or the way it is distributed
Requirements of a Deed of Variation?
- All original beneficiaries affected by the Variation must agree
- If beneficiary is under 18 a court must decide if it is appropriate to vary the will. Those not affected don’t need to give their consent
- Deed must refer to the Will and be signed by all the beneficiaries affected by the Variation
- This must happen within 2 years of the death
- If the Deed means more IHT is due then must be signed by the Personal Representative
Rules of a Mutual Will
2 people make Wills which are binding and enforceable upon first death and remains unchanged
Rules of Disclaimer
In writing with wording that it must be for Inheritance Tax
It must be made with 2 years and before receiving the inheritance
It must not be in turn for money or money’s worth
