Severance of Tenancy
Writing a Will is not the first thing on your average to-do list. Which is why The NSPCC briefed us to create a fun and friendly film to highlight the importance of moving this task to the to-do top-spot!
Our animation sets out to simplify the process of writing a Will. Providing a quick "how to" before going on to explain the benefits of how gifts in Wills can also benefit charities like the NSPCC.
In order to remove the right of survivorship, a beneficial joint tenant must sever the tenancy prior to death. The principles as to severance are contained within s 36(2) of the Law of Property Act 1925.
Celebrities Who Died Without Wills
However, in a Will, it is possible to write a clause so that the Executors are given all personal belongings and they can then divide these personal items as per a ‘memorandum of wishes’.
What is an Immediate Post Death Interest?
Rik Mayall died on the 9th June last year (2014) aged just 56. He left behind his wife, Barbara Robbin and three children. As he didn’t have a Will, some of his estate which would otherwise have been inherited by his wife, will now be inherited by his children.
An interest in possession trust is a form of legal agreement which according to Viscount Dilhorne in Pearson v IRC (1980) gives a beneficiary a “present right to the present enjoyment” to the bequeathed or devised asset. Or, in other words, the beneficiary has an immediate right to the income generated from the asset held in trust (or the right to enjoy the asset in another way, for example by living in the property) for the present time.