Investopedia

Continue to Site »

Will Variation

Filed Under » , ,
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."

Articles Of Interest

  1.

    How To Choose The Right Executor For Your Estate

    Making a careful choice now can save your heirs from a lot of problems later.

  2. Getting Started On Your Estate Plan

    With some preparation, you can save your heirs from paying a hefty estate tax. Here are some tips.

  3. Skipping-Out on Probate Costs

    Don't let bad estate planning lead to unnecessary costs and stress for your inheritors.

  4. Your Will: Why You Need A Power Of Attorney And Beneficiaries

    What would happen if you were suddenly unable to manage your financial affairs? Preparation is the best protection.

  5. Why You Shouldn't Die In 2013

    Increases in estate tax rates and possible fiscal cliff implications will make things more difficult when it comes to arrangements for your death.

  6. Tax-Efficient Wealth Transfer

    Taxpayers with large taxable estates were required to take steps to reduce them before 2011.

  7. What To Do When You're Left Out Of A Will

    Discover the legal steps you can take if you are left out of a will and if fighting is worth the effort.

  8. Tax-Saving Advice For IRA Holders

    Be informed about benefits and deductions that may apply to you and avoid costly mistakes on your return.

  9. Relationships And Retirement Planning

    Older couples have many things to consider when it comes to financial planning, including wills and estate planning.

  10. What Is A Will And Why Do I Need One?

    Putting this document together will save your family time and money, and give you peace of mind.
comments powered by Disqus
Marketplace
Hot Definitions

  1. Disaster Loss

    A special type of tax-deductible loss, similar to a casualty loss, where a loss has been incurred by taxpayers who reside in an area that has been designated as a federal disaster area by the President.

  2. Fool In The Shower

    The notion that changes or policies designed to alter the course of the economy should be done slowly, rather than all at once.

  3. Pattern Day Trader

    An SEC designation for traders who trade the same security four or more times per day (buys and sells) over a five-day period, and for whom same-day trades make up at least 6% of their activity for that period.

  4. Cost-Push Inflation

    A phenomenon in which the general price levels rise (inflation) due to increases in the cost of wages and raw materials.

  5. Happiness Economics

    The formal academic study of the relationship between individual satisfaction and economic issues, such as employment and wealth.

  6. Affluenza

    A social condition arising from the desire to be more wealthy, successful or to "keep up with the Joneses." Affluenza is symptomatic of a culture that holds up financial success as one of the highest achievements.
Trading Center