What Should Be Included In Your Will Or Testament?

By Author: Herry Taylor
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Wills - Last Will and Testament
A will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his/her estate and provides for the transfer of his/her property at death.

In the strictest sense, a ""will"" has historically been limited to real property while ""testament"" applies only to dispositions of personal property (thus giving rise to the popular title of the document as ""Last Will and Testament""), though this distinction is seldom observed today

Why it is important to make a Will
This is a bullet-point summary of reasons:-
You choose your own executor to carry out your wishes
You appoint a guardian for your minor children and children yet unborn (Especially for a mother to appoint a father who does not already have parental responsibility. For further information click here
You decide who is to inherit your property and (sometimes) at what age
You avoid an intestacy and rules which can send your property in unexpected directions (even to the government)
A will can provide flexibility and cost control in administering ...
... your estate
(Sometimes) opportunities to minimise inheritance tax
Avoids much uncertainty and anxiety and drawn-out procedure for your family
Enjoy peace of mind!

What happens if I die without a Will?

The law sets out clear rules for what happens to your estate - property, personal possessions and cash - if you die without a Will. Passing away without a Will is known in legal terms as dying intestate and the rules that govern the distribution of the estate in such circumstances is known as the law of intestacy.

Requirements for a Valid Will
In order for a will to be valid, it must be:-
Made by a person who is 18 years old or over; and
Made voluntarily and without pressure from any other person; and
Made by a person who is of sound mind. This means the person must be fully aware of the nature of the document being written or signed and aware of the property and the identify of the people who may inherit; and
in writing; and
Signed by the person making the will in the presence of two witnesses; and
Signed by the two witnesses, in the presence of the person making the will, after it has been signed. A witness or the married partner of a witness cannot benefit from a will. If a witness is a beneficiary (or the married partner or civil partner of a beneficiary), the will is still valid but the beneficiary will not be able to inherit under the will.
Although it will be legally valid even if it is not dated, it is advisable to ensure that the will also includes the date on which it is signed.

As soon as the will is signed and witnessed, it is complete.

If someone makes a will but it is not legally valid, on their death their estate will be shared out under certain rules, not according to the wishes expressed

What should be included in your Will
Before you write your will or consult a solicitor, it's a good idea to think about what you want included in your will. You should consider:

how much money and what property and possessions you have
who you want to benefit from your will
who should look after any children under 18 years of age
who is going to sort out your estate and carry out your wishes after your death - that is your executor

Who are Executors
Executors are the people who will be responsible for carrying out your wishes and for sorting out the estate. They will have to collect together all the assets of the estate, deal with all the paperwork and pay all the debts, taxes and funeral and administration costs out of money in the estate. They will need to pay out the gifts and transfer any property to beneficiaries.

Where to keep a Will
Once a will has been made, it should be kept in a safe place and other documents should not be attached to it. There are a number of places where you can keep a will:-
at home
with a solicitor
at a bank

Change of Circumstances
When a will has been made, it is important to keep it up to date to take account of changes in circumstances. It is advisable for you to reconsider the contents of a will regularly to make sure that it still reflects your wishes. The most common changes of circumstances which affect a will are:-
getting married, remarried or registering a civil partnership
getting divorced, dissolving a civil partnership or separating
the birth or adoption of children, if you wish to add these as beneficiaries in a will.

How to change a Will
You may want to change your will because there has been a change of circumstances. You must not do this by amending the original will after it has been signed and witnessed. Any obvious alterations on the face of the will are assumed to have been made at a later date and so do not form parts of the original legally valid will.
The only way you can change a will is by making:-
a codicil to the will; or
a new will.

Codicils
A codicil is a supplement to a will which makes some alterations but leaves the rest of it intact. This might be done, for example, to increase a cash legacy, change an executor or guardian named in a will, or to add beneficiaries.
A codicil must be signed by the person who made the will and be witnessed in the same way. However, the witnesses do not have to be the same as for the original will.
There is no limit on how many codicils can be added to a will, but they are only suitable for very straightforward changes. If a complicated change is involved, it is usually advisable to make a new will.

Is your Last Will and Testament up-to-date?

It is advisable to get out your Last Will and Testament to check it occasionally because:
An existing will may contain a legacy that has been distorted by inflation
Your circumstances may have changed since you wrote the last will - this includes getting married or divorced where a will can become partially invalidated
An existing will may contain a gift to someone who has died
Some people may be left out - for instance a new grandchild or a new close friend
An existing will may refer to an executor who may have died, or who may no longer wish to act for you. (Nominating a firm of solicitors as joint executors is a safe-guard.)
An existing will can be updated using a codicil, or by re-making your will. It is usually better to re-make your Last Will and Testament.

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http://www.netlawman.co.uk/bizdoclist/wills.php Legal Wills
http://www.netlawman.co.uk/bizdoclist/wills.php Last Will and Testament Template