The following Wills & Probate practice note Produced in partnership with Richard Dew of Ten Old Square provides comprehensive and up to date legal information covering:
Where the court is satisfied that reasonable financial provision has not been made for an applicant, it has power to make an order under section 2 of the Inheritance (Provision for Family and Dependants) Act 1975 (I(PFD)A 1975) for:
payment of a lump sum
the transfer of property
the settlement of specified property
the variation of an ante or post-nuptial settlement
variation of the trusts on which the estate is held
In practice, the most common order is for the payment of a lump sum to the applicant.
The basis for any award is that of ‘reasonable financial provision’.
For a spouse or civil partner, ‘reasonable financial provision’ means such financial provision as it would be reasonable in all the circumstances of the case for a spouse or civil partner to receive, whether or not required for their maintenance. Such provision can therefore include provision of a capital nature, ie provision that is not merely limited to providing for their regular income needs.
For all other applicants, reasonable financial provision means such maintenance as ‘it would be reasonable in all the circumstances of the case for the applicant to receive for his maintenance’. Therefore, such provision must be to meet regular income needs and not to make capital provision. This does not mean that for non-spousal applicants provision cannot be made by lump sum. Rather, the
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
What is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual positions•the main grounds of
Express and implied contractual terms distinguishedContractual terms may be either express or implied:•express terms—are terms which are actually recorded in a written contract or openly expressed in an oral contract at the time the contract is made (or there may be a combination of written and oral
The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to insurers: the Conduct of Business Sourcebook (COBS) and the Insurance Conduct of Business Sourcebook (ICOBS). This Practice Note considers how these
Overlapping insurance policesThere are various reasons why an insured may end up with overlapping insurance cover, whether deliberately or otherwise.Examples include the situation where the insured takes the benefit of other insurance arranged by another party or where, in the commercial world, risk
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.