Circumstances Addressed by Statutory Wills

by M-Gillies
two people fighting over money

A statutory will can stop prevent family members from fighting over an estate.

A statutory will comes into play when:

1. The person has no previous will before becoming incompetent, and intestacy will produce an undesirable result or a result the person would not have wanted.

2. A pre-existing will was revoked by marriage or divorce and the person is unable to make a new one due to testamentary incapacity, resulting in an undesirable affect that the testator would not have wanted.

3. The testator did make a will, however it has become seriously outdated during the period of their incapacity for reasons as:

* A major asset in the will has been disposed of by the property trustee;

* The will does not provide for a child who arrived after the period of incapacity;

* The executor or chief beneficiary has died before the testator; or

* There has been a major change in the relationship between the testator and the beneficiaries under an existing will or on intestacy.

4. In order to prevent money from being inherited from one side of the family and not being divided amongst the other side, a statutory will is required to prevent this.

5. In the event the testator would like to make a provision which includes a non-family caretaker, who would have no claim on intestacy or under dependants relief legislation.

6. A statutory will can prevent litigation over the estate.

7. A statutory will could also result in significant tax savings, depending on jurisdictions where inheritance or estate taxes exist.

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