What Is A Will?
A Will is a legal document that expresses an individual’s wishes with regards to the distribution of their assets after their death.
It is important to make a Will as without a Will there are certain rules known as intestacy rules that determine the distribution and allocation of your assets. This may not be desirable as one may not wish for their possessions to be allocated in such a manner. This may also create issues with inheritance as some individuals may not be entitled to some assets under the intestacy rules, such as unmarried partners are not able to inherit under such rules.
Important Terms relating to your Will
A Testator/Testatrix is he individual who has made the will
A Codicil is an additional document that explains, modifies or revokes a will or part of a Will. This must be signed by the testator and witnessed in the same manner as was done with the Will.
An Executor is an individual who is responsible for sorting out the estate. They are responsible for collecting assets of the estate, deal with paperwork, pay debts and taxes out of the estate. One can appoint up to 4 executors however it is recommended that 2 executors are appointed. These individuals may be relatives; friends; solicitors or banks etc.
A beneficiary of a Will is a person or charity who is due to receive a gift or share of an estate (money, property and possessions) when someone dies. A Will only comes into effect when that person dies, therefore until that time the beneficiary has no entitlement to the estate.
An Administrator is person legally appointed to manage and dispose of the asset/estate of a deceased person
Personal Representatives act as the executor or the personal representatives and have a duty to act in good faith and in the best interests of the estate’s beneficiaries
What Makes A Will Valid?
There are certain requirements for a will to be valid:
- Testator must be 18 or over
- Testator must have mental capacity so the individual must be fully aware of the nature of the document being written/signed and aware of the property in question and identify the people who may inherit
- A Will must be in writing and signed by 2 witnesses
Solicitors and Wills
There is no requirement for a will to be drawn up or witnessed by a solicitor however it is advisable to appoint a solicitor to check a will to avoid any mistakes or misunderstandings that could potentially result in problems after death. Although there are costs payable for appointing a solicitor, it is advisable to appoint a solicitor as they will ensure that the will is valid and in accordance with the statutory requirements
If you require further information on a Will or would like to have a Will drafted for you, please do not hesitate to contact our Wills and Probate team at Bond Adams LLP Solicitors. You can contact us on 0116 285 8080 or email us at lawyers@bondadams.com