A Last Will and Testament outlines how a person's assets, property, and possessions will be distributed upon their death. It serves as a planning tool for your estate so that your loved ones are provided for.
In addition to specifying beneficiaries, a Will also appoints executors. An executor is a trusted individual responsible for managing the estate. They also pay outstanding debts, and make sure of the correct distribution of assets.
If you have minor children, your Will can include guardianship instructions. These instructions designate who will care for them in your absence.
If you do not have a well-drafted Will, you can minimise potential disputes among surviving family members. This reduces stress and could also help your loved ones avoid legal complications.
How do you make a Will legally binding?
To have a legally binding, valid Last Will and Testament, UK regulations require the following criteria to be met:
- Age and mental capacity: You must be 18 years or older and of sound mind. You must be able to fully understand the implications of the document.
- Voluntary creation: The Will must be made voluntarily. A Will cannot be made under any coercion or undue influence.
- Written document: Your Will must be in writing.
- Signature: You must sign the Will in the presence of two witnesses.
- Witnesses: Two witnesses, both over 18, must be present at the same time of signing. They must also sign the Will in your presence.
Following these steps ensures that your Will is legally binding and your estate will be distributed according to your wishes.