A Will is a legal document containing details of how you wish your property and money to be distributed in the event of your death. The pre-requisites to make a Will are the concerned person must be above the age of eighteen and of sound mental capacity.
A Will enables you to specify exactly how you want your money and possessions to be distributed to your beneficiaries and who you would appoint with the task of carrying out your wishes (executor). It enables you to name guardians for minor children (if you have any), to specify people who you would like to receive certain personal possessions or allotted amounts of money. It also enables you to appoint trustees if you want any of your wishes carried out at alter date such as in the event of leaving property or money to someone who is under the age of 18 when you die.
Apart from your estate, you can also specify how you wish your funeral service to be conducted and whether you want to be buried, cremated or require a more unusual ceremony. You can also mention if you want to your body or organs for scientific research or for transplants.
It is important to review your will at periodic intervals. It becomes imperative in case of major events in your life such as birth, death, marriage, divorce or death of the executor. Such events can have a pronounced effect on the standing of your Will and may require significant changes. If you want to make big changes, it is advisable to make a new Will. It is not legally allowed to clip or pin any papers to you Will. If you must cancel your Will, you must destroy it by tearing or burning it up.
Wills Sample
If you have to make your Will and looking for help, there are plenty of resources widely available that you can tap into. Seeking the advice of a legal solicitor is by far the safest method. But it is also the most expensive option available. If money is the constraint, then you can refer to self-help books and Internet websites that offer their services. They are cheaper and you can refer to free sample Wills before making one on your own.
The type of Will you make will depend on your family size and structure. The basic structure of your Will should contain the following details. Here is a general example of how a sample Will should look like.
Personal Effects - The distribution of jewellery and other personal effects often provokes thought and there are several options. You can decide the same and leave it in your Will.
Cash Gifts - You may wish to bequeath to individuals or charities.
Alternative beneficiaries - It may be good idea to name alternative beneficiaries in the event of the deaths of one or more of your first named beneficiaries.
Personal Details - Complete details such as full names, addresses, marital states, details of any business or property, previous marriages or personal partnerships.
Marriages - A Will is automatically revoked or cancelled if you get married.
Executors - You must appoint someone in your Will with authority to carry out your wishes - your Executor. Couples usually appoint each other, but appointing a professional executor maybe a good idea if the estate is complicated, valuable or if trust are required for your beneficiaries.
Inheritance Tax Planning - Considering and planning for the payment of Inheritance Tax can save a lot of headache for the beneficiaries. Consulting a good lawyer for the same may be worth it. |
