Will Variation

Dictionary Says

Definition of 'Will Variation'


A provision that allows a surviving spouse and/or children to contest a will that does not make adequate provision for their maintenance and support. In Canadian estate law, a legally married spouse, separated spouse, a common law spouse (in certain instances and where the two people are cohabiting in a marriage-like relationship) and the children of a decedent have the right to contest a will if they feel they have not been provided for in the manner in which they had reasonably expected. If the challenge is upheld by a court, the will may be rewritten to provide adequate support for the involved parties.

Investopedia Says

Investopedia explains 'Will Variation'


The British Columbia Wills Variation Act allows a disinherited spouse or child to seek a revision of a will by challenging the will and seeking a redistribution of the assets of the estate. In the event that a spouse or child contests a will due to lack of support, a court must decide if the challenge is valid and if a revision to the will is appropriate. The court can direct a redistribution of the estate that is "adequate, just and equitable in the circumstances."

comments powered by Disqus
Hot Definitions
  1. Closed-End Fund

    A closed-end fund is a publicly traded investment company that raises a fixed amount of capital through an initial public offering (IPO). The fund is then structured, listed and traded like a stock on a stock exchange.
  2. Payday Loan

    A type of short-term borrowing where an individual borrows a small amount at a very high rate of interest. The borrower typically writes a post-dated personal check in the amount they wish to borrow plus a fee in exchange for cash.
  3. Securitization

    The process through which an issuer creates a financial instrument by combining other financial assets and then marketing different tiers of the repackaged instruments to investors.
  4. Economic Forecasting

    The process of attempting to predict the future condition of the economy. This involves the use of statistical models utilizing variables sometimes called indicators.
  5. Chicago Mercantile Exchange - CME

    The world's second-largest exchange for futures and options on futures and the largest in the U.S. Trading involves mostly futures on interest rates, currency, equities, stock indices and agricultural products.
  6. Private Equity

    Equity capital that is not quoted on a public exchange. Private equity consists of investors and funds that make investments directly into private companies or conduct buyouts of public companies that result in a delisting of public equity.
Trading Center