Wills

Question 1

Conditions for wills to be valid

Answer 1

• 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

Question 2

Revocation of a will

Answer 2

• 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

Question 3

Benefits of a will

Answer 3

• 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

Question 4

Deed of variation

Answer 4

• 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

Question 5

Other options to amend a will

Answer 5

• disclaimer

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