Components Of A Will – Demonstrative Legacies
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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.
A demonstrative legacy is a pecuniary legacy payable out of a particular fund. For instance, you may wish a beneficiary to receive half of the proceeds from an insurance policy. You may wish a sum of money to be paid from a certain bank account.
Liabilities
Again, it is not necessary to list your debts. All debts owed at the time of your death will be offset against your assets. For instance, your credit card bills and utility bills will be paid before your estate is distributed to your beneficiaries.
It may be very helpful to your executors to leave a list of liabilities and assets with the will so they know what they are dealing with. You can update this from time to time.If your executors are wise they will insert a notice to creditors in accordance with section 27 of The Trustee Act 1925.
This goes in the London Gazette and a newspaper circulating in the district in which you last resided.The notice gives creditors two months to notify the executors of their claim against the estate. Failure to insert such a notice will leave the executors open to personal liability if they are notified of a debt after distributing the estate.