Will is a legal document that sets out what you want to do with your property after you pass on. Here are some answers to the questions which you might have to define a Will.
What is a Will?
A legal document setting out what is to happen to your estate when you die. It is a legal declaration providing the transfer of your estate to designated beneficiaries.
Who can make a Will?
Anyone mentally capable over 18 years old.
When does my Will become legal?
Once signed and witnessed correctly it is legally valid. Legal advice helps how to sign properly, as many Wills are nullified as signed incorrectly.
Who can be my witnesses?
Anyone mentally capable over 18 years old who is not mentioned in the Will. No blood relations or their partners should witness the Will.
What is a Guardian?
A nominated Individual to look after children under 18 years old.
Do I need to appoint Guardians?
If you have children under the age of 18, you should appoint a Guardian. You can only do this in a Will.
What is an Executor?
A person named in the Will appointed to carry out your wishes.
Who can be my Executors?
Anyone mentally capable over 18 years old. It is best to appoint a trusted person who you feel could do the job. You should have a minimum of one and maximum of four.
Can I leave gifts to people
without a will?
No, you need a Will to leave gifts to friends or charity.
Can a Will save me Inheritance Tax?
Yes, However only if you use your reliefs and exemptions properly. A standard Will may cause you more Inheritance Tax than you would have paid without one. It is important to get advice and ensure that you Will is drafted carefully.
What happen if I die without will?
If you do not have a Will then you die intestate, your estate is distributed according to the rules set by law. The rules will not favour your wishes and family members and may benefit to those who you prefer not to do so. Your assets may go to pass to the Crown if you have no living relatives.
The numbers of those dying intestate is rising. It is approximated 60% of the UK adult population do not have one. Of the 40%, 1 in 4 do not reflect the person’s wishes or are simply not valid. A valid Will allows you to ensure that your assets are distributed according to your wish when you die.
Rakesh Prajapati
Solicitor
Mobile : 07979 590 670
