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Flashcards in Wills and intestacy Deck (6)
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1

What is a mutual will?

identical wills and cannot be revoked without the consent of the other

2

Intestacy - No spouse but kids

Kids get everything

3

What is intestacy order if no spouse or kids, The order is then

- grandchildren
- Parents
- Brothers and sisters
- Brother and sisters half blood
- Grandparents
- Uncle/aunts
- Uncle/aunts half blood
- The crown

4

What are the requirements for a Deed of variation (changing a will) to be valid ?

- must reference original will and all those who benefit must sign
- Done within 2 years after death
- If IHT to increase then personal representatives also need to sign

5

What are the deed of variation rules if someone gives their benefit to someone else e.g. the child

the transfer will be treated as if it had come directly from the deceased person’s estate for the purposes of IHT; and

• for income tax purposes, the transfer will be treated as the parent’s settlement on the child, and any income from the amount invested will be taxed at the parent’s rate of income tax (if over £100 in any tax year).

6

What is a disclaimer under a will?

can reject the gift under will
-will then go back the estate and they can’t say who will get it instead
-put in writing within 2 yesrs