What is a Will?
A Will can be described as a legal declaration of an individual’s
intentions as to how he or she wishes to dispose of their property
after death. A will only takes effect on death and can be revoked
or changed at any time before death provided the person making the
Will (the testator) has sufficient capacity. For example they must
be over 18 (or 21 if the will was executed before 1st January 1970)
A Will is one of the most important documents you will ever write,
or be involved in writing. It is likely to be the piece of paper
that has the most influence on the way your affairs are handled
and to ensure your loved ones are secure after your death
Any individual who is of age, and is deemed mentally capable of
doing so, is entitled to make a will. This document does not necessarily
have to follow a set pattern; if it can be proved. However, in order
to avoid complications and to ensure that your wishes are met as
fully as possible, a legally accepted formula should be adhered
to.
The fundamental purpose of a will is to outline the intentions
of the writer with regard to their affairs after their death. These
affairs are primarily financial, although a will often equally if
not more important areas, for example somebody who has young children.
Children play a major part in a will. Many people’s major concern
is the welfare of their children after their death, and the Will
is the document in which legal arrangements can be made for their
guardianship. Often the nominated guardians are the same as the
executors, although this does not have to be the case. Similarly,
financial provision can be made by stipulating, for example, that
part of the estate should be placed into trust until the children
(or any other dependants) reach a certain age.
The document will include several key elements, including the nomination
of executors; an outline of the individual’s assets; a list of their
dependants; a list of any debts the individual owes; a list of any
debts which are owed to them; details of arrangements to be made
for any children; and finally, the individual’s wishes with regard
to the distribution of their estate.
Important reasons for Making a Will
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What is a Will?
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