Wills and trusts in the UK are important financial instruments that you can make use of in managing your assets and making sure that your hard-earned possessions are passed into the right hands should you meet your end. This said, a lot of people could have a better understanding of wills and trusts, which is why we have compiled a list of common questions that people ask regarding the subject:
1. What exactly is a last will and testament?
A last will and testament is a legally enforceable document that conveys directions as to how you wish to distribute your personal assets upon death.
2. How old should a person be in order to make a will?
Any person over the age of 18 can write a legally binding will.
3. What does testamentary capacity mean?
Testamentary capacity generally refers to the soundness of a person’s mind at the time of the will’s writing. This dictates the validity of the will.
4. Can a will be changed after being written?
Changing your will is possible and can be done by simply revoking any previous wills you have made and stating the authority and supremacy of your newly drafted will.
5. What is the role of an executor?
An executor is responsible for administering your estate after your death. He or she has legal authority to execute your wishes according to your will.
6. How frequently should you update your will?
Wills should be reviewed and updated accordingly following any major life event that could affect the terms of your estate plan, such as a marriage, divorce, birth of children/grandchildren, death of beneficiaries, acquisition or disposal of assets, and children reaching the age of maturity.
7. Can a last will and testament be challenged?
The validity and/or provisions of wills and testaments can be challenged on the grounds of testamentary capacity, forgery, fraud, undue influence, etc.
8. What happens if you fail to leave a will?
If a person dies intestate or without a will, intestacy laws will determine how their assets are to be distributed.
Learning about wills and trusts is a good first step towards planning for the future of your family and making sure they’re taken care of financially even when you’re gone.
