So, you understand the importance of having a will but are you confused as to what you should include in yours? In a will, you can use the document to express who you want to inherit certain assets after you die, name a guardian for your children, make arrangements for providing financially for your family and leave instructions for your funeral. You can also name the executor or executors who will manage property and asset distribution and carry out your last wishes.
A will is a legally binding document, but a will must meet certain criteria so that it is valid and can be enforced by the court.
Is your will valid?
There are no rules about the structure of your will, and in theory you can write it on any piece of paper. However, to be valid in England and Wales, it must be witnessed and signed by two independent adults. In Scotland, only one witness needs to sign and date it. Rules state that anyone who acts as a witness cannot benefit or inherit from your will (even though they may be named as executors).
A will must also provide details of your choice of executor, who is authorized to collect any assets and share them as per your wishes. The executor may be a beneficiary of your will (provided they are also not a witness).
Before making a will, you must determine what assets you have and who you want to use from your inheritance. For help with your will, hire the services of Solicitors Manchester like https://bridgelawsolicitors.co.uk/offices/wilmslow-manchester/
Inheritance and assets in your will
One of the most important aspects of your will is to decide how your assets will be distributed among your family, friends, or favourite charity.
When leaving assets in your will, you can determine which person or organization must accept which assets. Specific inheritance can include clear things, like property, or family heritage, but can be more abstract as well – for example, sentimental mementos or bank account contents.
You can also give people a part of the total value of your remaining real estate – known as ‘residue’ – or whatever is left of a particular asset.
In some cases, you might choose a combination of both. For example, if you want to divide a bank account between two people, you can determine that the first person gets £ 20,000, while the second inherits whatever is left.
It is important to understand that your remaining inheritance is left after the specific inheritance has been taken into account, but also once any debt has been settled, as well as the inheritance tax bill. It is very likely that your particular inheritance and inheritance tax bill will cover more than all that you have left behind, in which case anyone who is named as receiving a residual inheritance will receive nothing.
If you leave money to someone, you can determine whether the money is made from your residual estate, or as a certain inheritance.
Your home is generally the biggest asset you will leave. Whether it can be inherited in your will depends on how you own it. If you own a home directly, you can name the new owner in your will, and the title will be given to that person when you die. This is more complex if you own property with other people.