Components Of A Will - Beneficiaries
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Want to make a start on your will?
Making a Will is not about wealth it is about making sure that what you want to happen to your estate does happen. It gives you the opportunity to specify such things as who will administer your estate, who will care for your children and who will receive specific items of your property.
It is very, very important to be absolutely clear to whom you are referring in your will. Remember that your executors will not have the same knowledge of your affairs as you do.
Even close family members may hold different opinions on the family relationships.
Expressions to avoid include 'my favourite nephew' (without naming him), 'my best friend' (again without naming him), 'the girl who brings round the tea' (an actual example from my experience), 'the man next door'.
It is also highly desirable to avoid nicknames. In one famous case the testator stated 'all to mother' because he called his wife 'mother'. Although this was accepted in court and the wife received everything, the court action could have been avoided entirely by avoiding the nickname.
New for 2017 - Components Of A Will - More On Beneficiaries or Components Of A Will - Residuary Estate
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Perhaps you might consider taking legal advice from a solicitor about making a will if any of the following apply to your circumstances:
- A number of people could make a claim on your estate when you pass away because they depend on yourself financially
- You want to include a trust in your will (perhaps to provide for children, to save tax, or simply protect your assets in some way after you become deceased)
- Your physical and permanent home is not in the UK and / or you are not a British citizen
- You live here in the UK but you have additional property abroad
- You own all or part of a UK business.
see: Making a will - The Law Society. Please note that will making differs in Scotland and this website currently deals with English law.
