Will property & objects Flashcards
(8 cards)
when does the Will speak from in regard to Will property? give examples
The Will speaks as if executed immediately before death
In other words, the court will interpret the Will as it it has been written immediately before the died. So they look at the property T owner at the time of death i.e. if the Will says ‘I leave my car to my niece’, the court assumes T gifted the car they owned at death
This is subject to contrary intention i.e.
o References to the time the Will was made (i.e. ‘the house I own now’) = it is assumed T gifted the house they owned at execution
o Specific legacies (i.e. ‘my gold watch’) = it is assumed T gifted that particular item they owned at execution
when does the Will speak from in regard to objects? give an example (with reference to a codicil)
The Will refers to the object at the date of execution, unless:
o The Will is clear the object is to be construed as at the date of death; or
o The gift is to an office holder
i.e. a gift to ‘Kate’s eldest daughter’ is to the eldest daughter at execution. If the daughter dies, her share does not automatically pass to the next eldest daughter (because they were not the eldest daughter at execution), unless a codicil was made after the daughter’s death (because this republishes the Will).
what is good practice in relation to objects when writing a Will?
write the names and addresses of Bs (not relationship to T)
to whom does the usual rule on objects not apply?
classes of Bs - those who satisfy the class description at T’s death will inherit
explain the effect of a gender recognition certificate on their entitlement and when this situation would arise
Relevant to gender-specific gifts i.e. ‘to my sons’
Will was made on or before 4 April 2005 = in effect, the GRC is ignored. The property passes to Bs in accordance with their gender at the time the Will was executed.
Will was made after 4 April 2005 = property passes to Bs in accordance with their GRC at the date of T’s death.
if a person with a GRC has been negatively impacted, what can they do?
the court has a wide discretion to make an order to remedy this where it is just to do so
they can also follow the property using tracing rules
who bears the associated costs (not inc. IHT) of gifts?
costs associated with gifts i.e. moving costs, mortgages are borne by B unless the Will states otherwise
who bears the cost of IHT?
IHT is paid from the residuary estate, unless the Will states otherwise
i.e. ‘subject to tax’ = B paying IHT / Will is silent = estate paying IHT
