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Where Taxpayers and Advisers Meet

Informal Will

swandive
Posts:16
Joined:Tue May 26, 2015 1:03 pm
Informal Will

Postby swandive » Tue May 26, 2015 1:31 pm

Mum says our father made an informal will (typed and signed but not lodged with a solicitor) prior to his recent passing.

In it he left the main residence to his spouse, our Mum and left a second property (commercial) jointly to myself and my brother

We cannot however locate this will amongst his papers.

Question:
If we can't find the Will, is there any way (with Mum's consent) that his last wishes can be honoured or will the 2nd property by default cede to the surviving spouse?
or
If we do locate the Will, is it legally binding (can it be actioned) even if it wasn't lodged with a solicitor?

King_Maker
Posts:6538
Joined:Wed Aug 06, 2008 3:22 pm

Re: Informal Will

Postby King_Maker » Tue May 26, 2015 8:15 pm

If there is no valid Will, his Estate would pass under the Intestacy rules.

An IoV (Instrument of Variation) might be advantageous, if all the relevant beneficiaries can agree. There is a 2 year time limit.

I suggest you consult your solicitor(s).

swandive
Posts:16
Joined:Tue May 26, 2015 1:03 pm

Re: Informal Will

Postby swandive » Wed May 27, 2015 8:10 am

thx for your reply.

Can we still do an IoV if the Will cannot be found?

swandive
Posts:16
Joined:Tue May 26, 2015 1:03 pm

Re: Informal Will

Postby swandive » Wed May 27, 2015 9:14 am

And is the IoV the same as a Deed of Variation?

King_Maker
Posts:6538
Joined:Wed Aug 06, 2008 3:22 pm

Re: Informal Will

Postby King_Maker » Wed May 27, 2015 9:48 am

And is the IoV the same as a Deed of Variation?
There is no legal requirement for the Variation to be done by Deed - although it usually is.

Such a Deed of Variation is the same as a Deed of Family Arrangement.

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Informal Will

Postby maths » Wed May 27, 2015 1:06 pm

A Deed of Variation is an Instrument of Variation only executed as a deed; basically, the two are the same.

Proving lost wills can be a bit of a problem.

As King_maker stated in there absence of a will the intestacy rules apply.

Basically depending upon the size of father's estate his wife and children share in the estate.

If all of you agree then the easiest option is probably to accept will cannot be proved and intestacy rules apply
but you all execute a DoV to achieve what you each want. Only works if you are all in agreement.

swandive
Posts:16
Joined:Tue May 26, 2015 1:03 pm

Re: Informal Will

Postby swandive » Mon Jun 01, 2015 5:14 pm

many thx


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