Justice Reform Initiatives ~ Early Solutions, Faster Justice
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Civil Justice Reform Projects
Proposed Wills, Estates and Succession Act
Questions and Answers
Why is the legislation being changed?
The law of succession is among the most archaic areas of law. Some provisions trace their history to the Wills Act of 1837. The ministry agreed with the BCLI that this area of the law needed to be reformed and provided the institute with funding to recommend changes that would modernize the legislation.
When will the new legislation come into effect?
Because this is a substantial change, the law will come into force after the public and legal community have familiarized themselves with the new legislation.
I already have a will. Do I need a new one?
The new legislation will not invalidate any wills made before it came into effect. However, some of the laws governing the interpretation of your will may change, so you may wish to review it with your lawyer to ensure your wishes are upheld.
Examples of some of the changes and how they might affect an existing will are as follows:
- Previously, if you gave someone a gift while you were alive during their lifetime, there was a possibility the amount of the gift would be deducted from that person’s inheritance. The changes clarify the law by stating that if you want a gift to affect an inheritance, that intention must be specified in the will.
- Previously, if your estate was not large enough to cover all debts and gifts, people receiving personal property (such as jewelery, cars or furniture) were given lower priority than people inheriting gilts of land. Personal property gifts would be used first to pay off debts. With these changes, land is applied to pay off debts equally with personal property.
- Also, in past, a person receiving personal property (for example, a car) would not have to pay any money still owing on the purchase or improvement of the property (such as outstanding car payments). Gifts to other beneficiaries would be reduced to pay off this debt. Now, unless the will specifies otherwise, everyone who inherits property inherits the “net value” (the value left after any debts against the value of the gift are paid off).
Why can’t the old law still be applied to my old will?
Having the old law apply to wills made before the Wills, Estates and Succession Act comes into force would be confusing. A person in their 20s who made a will last year may live 60 or more years from now. That would mean that the courts would be faced with administering both the old and new laws long into the future. |
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