»Ê¹ÚÌåÓýapp

»Ê¹ÚÌåÓýapp Will:

• must be in prescribed form that satisfies all the formalities (IHTM12044). (You do not have to consider whether a Will is valid as this will have already been decided by the Probate Registry or Sheriff Court).
• operates only as declaration of intention and does not prevent a testator (IHTM12001) or testatrix (IHTM12001) from disposing during their lifetime of assets which may have been allocated to someone in the will
• takes effect only on death and until that time the beneficiaries have no interest in the assets
• may not only deal with dispositions of assets. For example, it may appoint a guardian of minors or give directions on burial or cremation arrangements
• can be revoked (IHTM12071) or altered at any time before the testator/testatrix dies.
• is ambulatory, that is to say it is capable of dealing with property acquired after it was made (provided the property is still owned by the testator at death).

If a beneficiary dies between the time when the Will is made and the death of the testator or testatrix the beneficiary’s estate will generally take no benefit under the will. »Ê¹ÚÌåÓýapp gift is said to have lapsed. But there are exceptions to this rule (IHTM12084).

A beneficiary cannot be forced to take a benefit under the Will. »Ê¹ÚÌåÓýappy may disclaim the benefit (IHTM35161) at any time before they take possession of the asset. If the interest is disclaimed then the disclaimer is treated as a transfer of value (IHTM04024) unless the provisions (IHTM35162) of IHTA84/S142 are satisfied. A beneficiary may also choose to redirect a benefit using an instrument of variation (IHTM35011).