Will Variation

AAA

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 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."

RELATED TERMS
  1. Bequest

    The act of giving personal property or money such as stocks, ...
  2. Inheritance

    All or part of a person's estate/assets that is given to an heir ...
  3. Living Will

    A legal document that sets out the medical care an individual, ...
  4. Estate

    All of the valuable things an individual owns, such as real estate, ...
  5. Estate Planning

    The collection of preparation tasks that serve to manage an individual's ...
  6. Will

    A legally enforceable declaration of how a person wishes his ...
Related Articles
  1. How To Choose The Right Executor For ...
    Retirement

    How To Choose The Right Executor For ...

  2. Getting Started On Your Estate Plan
    Options & Futures

    Getting Started On Your Estate Plan

  3. Skipping-Out on Probate Costs
    Retirement

    Skipping-Out on Probate Costs

  4. Your Will: Why You Need A Power Of Attorney ...
    Options & Futures

    Your Will: Why You Need A Power Of Attorney ...

Hot Definitions
  1. Halloween Strategy

    An investment technique in which an investor sells stocks before May 1 and refrains from reinvesting in the stock market ...
  2. Halloween Massacre

    Canada's decision to tax all income trusts domiciled in Canada. In October 2006, Canada's minister of finance, Jim Flaherty, ...
  3. Zombies

    Companies that continue to operate even though they are insolvent or near bankruptcy. Zombies often become casualties to ...
  4. Witching Hour

    The last hour of stock trading between 3pm (when the bond market closes) and 4pm EST. Witching hour is typically controlled ...
  5. October Effect

    The theory that stocks tend to decline during the month of October. The October effect is considered mainly to be a psychological ...
  6. Repurchase Agreement - Repo

    A form of short-term borrowing for dealers in government securities.
Trading Center