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In your Will, you have the option to make a variety of gifts, including the ones listed below:<\/p>\n
Specific Gifts<\/strong> – An item (or class of items) that you leave to someone in your Will – for example, a family heirloom such as a wedding ring.<\/p>\nPecuniary Gifts<\/strong> – In contrast, a pecuniary gift is a quantity of money that you might leave to a specific individual, distributed among a class of people.<\/p>\nResiduary Gifts<\/strong> – The residue is what’s left after you pay all taxes, bills, debts, specific gifts and pecuniary gifts.<\/p>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t2. What is an executor, and what do they do?\n\t\t\t\t\t\t
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The person you choose to manage your affairs after your death is known as your executor. You are allowed to name more than one executor when creating a Will. Usually, the executors will be trustworthy friends, family members, or professionals like solicitors. Some of an executor’s responsibilities include:<\/p>\n
\nPreparing your funeral arrangements<\/li>\n Notifying people and organisations of your death<\/li>\n Valuing the estate<\/li>\n Distributing the estate<\/li>\n Calculating the amount of Income and Inheritance tax owed by your estate and making any necessary tax returns<\/li>\n Sorting out your finances<\/li>\n Transferring gifts to beneficiaries<\/li>\n<\/ul>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t3. Can I amend my Will later on if I change my mind?\n\t\t\t\t\t\t
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A codicil can be added to your Will if you just want to make a little change.<\/p>\n
Similar to your original Will, a codicil is a document that must be signed and witnessed (though the witnesses can be different). Your Will and the codicil are kept together.<\/p>\n
However, you should create a new Will if you wish to make a more major modification, maybe because one of your beneficiaries passed away.<\/p>\n
Under no circumstances should the original Will be written on after it has been signed and attested. This might cause problems and render the Will completely invalid.<\/p>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t4. Is a Will legally binding?\n\t\t\t\t\t\t
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Your Will must be signed in the presence of two witnesses in order to be enforceable. Both witnesses must observe you signing your Will simultaneously, and they must then add their own signatures and data. This is done so that your witnesses can confirm that they saw you sign your Will if your Will is ever challenged.<\/p>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t5. Don’t my assets pass automatically to my partner or spouse? \n\t\t\t\t\t\t
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This is not necessarily always the case without a Will. Regardless of how long you have been together, your unmarried companion will not be recognised as a beneficiary if you pass away without a Will.<\/p>\n
Your spouse is not always entitled to receive your whole inheritance, regardless of whether you are married or in a civil partnership. Making a Will will ensure your spouse receives what you wish them to.<\/p>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t6. I’m young; do I really need a will? \n\t\t\t\t\t\t
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Unfortunately, we never know what could happen to us in life.<\/p>\n
No matter how old you are, as soon as you own something or have someone in your care, you should have a Will.<\/p>\n
If you have pets or children, you can use a Will to ensure they are cared for should you die unexpectedly.<\/p>\n
If you have a pension pot or savings, you can decide who will inherit that money. You might even have valuable or prized possessions and a clear idea of who you\u2019d want them to go to. A Will is the only way to take control and make these decisions.<\/p>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n
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Get in touch<\/h3>\n Contact us to learn more about how our Will writing services can help you today. Discuss your Will with one of our solicitors.<\/p>\n\n\t<\/div>\n\t
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Will Writing Services UK - CTT Group<\/title>\n \n \n \n