An Introduction to Wills

A Will is a legal document in which you can appoint individuals you trust to act as your Executor. The role of an Executor is to manage your estate ie your property, money and personal possessions after you die. You can also name the family members, friends or charities you want to receive your estate. These people are called your Beneficiaries.

 

To make a valid Will you must be over the age of 18 and have Testamentary Capacity. Testamentary Capacity is the legal test which ensures the person making the Will fully understands that they are creating a legal document which is effective after their death, their estate, their beneficiaries and the consequences of their decisions.

 

Making a Will can give you peace of mind. Knowing you have taken steps to ensure that your assets will be distributed according to your wishes can offer a sense of control, reduce uncertainty and potentially minimise family disputes.

Proper estate planning can help minimise the inheritance tax burden on your estate. You can also set out any wishes for:

You cannot write on your existing Will to change it. If your circumstances have changed and your Will no longer reflects your wishes you would need to either make a new Will or make a minor change by writing a Codicil.

You should review your Will every three to four years as births, marriages, divorce and bereavement may mean it needs to be updated.

 

If you don’t make a Will your estate will be dealt with using a legal framework called the Rules of Intestacy. These rules set out who will manage your estate, known as an Administrator and who your Beneficiaries will be. This may not reflect your wishes.