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What is a Will ?A Will is a written document which sets out how you wish your assets ( called your estate ) to be distributed after your death and who should manage and look after the same.
The person who makes a will , if male is called the Testator and if female, the Testatrix
Do I need a Will ?
There are many good reasons for making a Will. If you do not have a Will your estate will be divided according to the Rules of Intestacy. It can also take longer to finalise your affairs and that could prove distressing for those left behind. Making a will will allow you to appoint suitable people to manage your estate to ensure your wishes are carried out. There are other benefits to making a Will such as tax planning and saving.
Good Reasons to make a Will
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Reflection
The process of making a will, may also allow you to reflect on your life so far and perhaps look into the future. By considering the use of Incentives this process gives a chance for reflection also on your family ethos and the expectations you have for your beneficiaries and other important aspects.
This process provides a rare chance to consider not just your estate plan, but also other important matters such as your business, your relationships, your values and wishes, the needs and welfare of your family after you have passed on. A good estate plan provides for a sensible ordering of your affairs and enables you to leave an enduring legacy,
An Enduring Legacy
A good will, is probably the most important document you will consider and sign. A great chance to create and fashion something of wisdom; something of lasting value and significanceWe are much influenced at many times by the thoughts and actions of those who have gone before us. Those after us will benefit by what we do well now.
Appointments
In order that your affairs are properly dealt with after death, you may in your will appoint
Guardians Executors Trustees
Guardian
A Guardian is a person who you may appoint to look after your minor children. The choice of a Guardian can be made from close family and friends
Executors
Executors are persons who you can appoint to look after the administration of your estate. They will collect together the assets and deal with the payment of debts and see that the right people receive their of the estate.Trustees
Trustees are persons who will look after your estate in situations where you have set out conditions, which are required to be fulfilled before distribution or where your Beneficiaries are still young
Some Frequently Asked Questions
Will My Marriage affect my Will ?
Yes - Your Will will be revoked by your entering into a Marriage or a Civil Partnership. That is unless the will is made in anticipation of the Marriage or the Civil Partnership
What are Mirror Wills ?
A Mirror Will is where spouses in a Marriage or partners in a Civil Partnership each make wills which are effectively the same
What may revoke my Will ?
Your Will will be revoked either by your destroying it or making another will. Your will, will also be revoked by your entering into a Marriage or a Civil Partnership. A Divorce or a Dissolution of a Civil Partnership will revoke parts of your will
Can I change my Will ?
Yes you can change your will at any time. You can make what is called a Codicil to your will. This is fine for minor changes. For major changes you should make a new will and the new Will will revoke your old will
What about my Debts ?
Your debts have to be paid out of your estate in priority to any other distribution. If there is insufficient money your estate will be insolventValidity
In England and Wales In order for a will to be valid it must generally be:
1. Made by a person aged at least 18 and 2. Made by a person who is sound mind and who is aware of the nature of what he is signing and3. Made voluntarily and without undue influence and4. In writing and 5. Signed by the person making the will in the presence of two witnesses and6. Signed by the two witnesses in the presence of the person making the will and7. Dated