Wills and Succession
- Created by: laurenzoe101
- Created on: 08-04-16 16:39
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- Wills and Succession
- Testate Succession
- To make a will: you must be over 18 and be of sound mind.
- Exceptions are under 18's in active military service or at sea Wills (Soldiers and sailors) Act 1918 - Re Jones.
- To make a will: you must be over 18 and be of sound mind.
- Requirements of a valid will (Wills Act 1837 amended in 1982)
- No special form is needed but it must be written or typed.
- Must be signed by testator or by someone he directs to do it.
- Must be witnessed by 2 people. - witnesses can be beneficiaries but there must be two other witnesses aswell - Re Bravda
- Revocation of a will - can be changed any time before death
- Making another will stating ' i hereby revoke all former wills'.
- Codicil (alteration)
- Physical deliberate destruction.
- Divorce / Remarry
- Why make a will?
- You can change your mind and alter it at any time.
- You can state your funeral wishes.
- You can appoint someone you trust to deal with your will.
- Complete freedom of choice of what happens to your money and stuff.
- Choice on what happens to children.
- Personal representatives/ executers
- Someone appointed by testator to carry out the will.
- Collect debts owed by testator.
- Pay debts and funeral expenses.
- Convert shares into money.
- Distribute the remainder of the estate.
- Someone appointed by testator to carry out the will.
- Family Provisions
- Inheritance (provision for family and dependants) Act 1975
- People can claim if they feel they have cut out of a will or should inherit something
- The spouse
- An ex-spouse who hasn't remarried
- A child
- A step child/adopted child
- Anyone being looked after before the death e.g. old relative/mistress.
- People can claim if they feel they have cut out of a will or should inherit something
- Inheritance (provision for family and dependants) Act 1975
- Intestate Succession
- Governed by the Administration of Estates Act 1925
- An administrator is appointed.
- Pay any debts and funeral expenses. They must give the rest away under the intestacy rules.
- Surviving spouse gets £250,000 plus life interest of half of remaining.Any children share the rest( if under 18 then the money is held in a trust fund),
- If there is no surviving relatives the money goes to the crown.
- Pay any debts and funeral expenses. They must give the rest away under the intestacy rules.
- An administrator is appointed.
- Governed by the Administration of Estates Act 1925
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