Wills – FAQ’s
What is a Will?
A Will is a legal document that sets out how your assets, property, and belongings will be distributed after your death. It can also appoint guardians for minor children and name executors to carry out your wishes.
Why do I need a Will?
Without a Will, your estate will be distributed according to the law, which may not reflect your wishes. A Will ensures that your assets go to the people or organisations you choose and can prevent family disputes.
Who can make a Will?
Anyone aged 18 or over (16 in some jurisdictions) who has the mental capacity to understand the implications of making a Will can create one.
How do I know if my Will is valid?
A Will is valid if at the time it was made the person making it had mental capacity and it has been properly signed, dated and witnessed. Wills can be done fairly inexpensively. If you have any concerns over the validity of your Will or think it does not properly reflect your wishes, it may be cheaper to have a new Will prepared rather than seeking advice on, or changing, your current one. A new Will supersedes any previous ones.
I have a Testamentary or Will Trust. Do I have the same problems/ issues?
No. These Trusts do not come into existence until your death. Your house or other property destined for the Trust belongs to you until your death. Acting on the instructions in your Will, your Executors transfer the specified assets into the Trust. Until then, there are no “active” Trustees, no Land Registry Title changes, no Trust Tax liabilities, no insurance complications and no HMRC registration to worry about.
You should check who are the appointed Trustee(s) by the Will. If McClures have appointed themselves, you can revoke their appointment and specify replacements by making a codicil or new Will in the same way as described above for changing Executors. The Executors will then deal with your estate as per your wishes which were set out in your Will.