A will is a legal document that gives you the power to leave your property and possessions and money after you're gone. It also covers who will take care of children under the age of eighteen in the event of your death. If you die without a will in place, the law will decide how your estate will be shared. This means there are no guarantees your wishes will be followed.
You can change your will at any time during your lifetime, provided you have the mental capacity to do so. The exception is mutual wills that are binding and cannot be altered without both parties agreeing, and not at all once one party has passed away.
A will can contain several different directions, but typically the following information is included:
- The name, address and marital status of the individual making the will.
- The revocation of prior wills. If you have previously written a will and do not include this step, then in the event of a dispute after your death, the court will honour the earlier will.
- Explicit guidelines about who you want to receive your assets.
- Designation of guardians for minor children.
- Signatures of two witnesses who are over the age of 18.
The Consequences of Not Making a Will
A will is something many people put off for another day, which never comes. Having a will in place makes things a lot easier for your family during a challenging time. Most disputes occur when someone hasn't left a will behind.
When a person dies without leaving a legally valid will, their assets and belongings are shared
out according to a set of rules known as the rules of intestacy. The state oversees the dispensation of assets, which often results in half of the estate going to the spouse and the other half going to the children.
Under the laws of intestacy of England and Wales, unmarried partners and partners not in a civil partnership cannot inherit from each other. This could create financial difficulties for the person left behind. Step children, friends, pets and charities also can't inherit from someone who dies intestate.
Further complications can arise if there are minor children as a court-appointed representative will look after their interests.
Meanings and Explanations
When you write a will, you'll come across legal words and terminology, such as:
- A testator is the term for the person who makes the will.
- A testatrix is an old-fashioned term for a female testator.
- An executor is someone responsible for carrying out the wishes of the deceased.
- An executrix is an old-fashioned word for a female executor.
- A beneficiary is someone named in a will to receive a gift, such as property, money or possessions.
- A trustee is someone with the legal authority over the assets in a trust.
- Probate is the process of sorting out someone's estate after they have died. In Scotland, it is called confirmation.
