Basic Wills could be summarised as follows:-
A Will for a single person, appoints Executors who are responsible for administering your estate and disposes of your assets in cash legacies or percentage shares.
Wills for couples are known as ‘Mirror Wills’, since they reflect the wishes of the two people making them. They are separate documents and are usually made at the same time. Wills can also appoint guardians for any minor children and direct age contingencies when legacies are left to children.
Next, lets get some definitions out of the way.
A Will - The document that identifies your wishes regarding the care of your children, the distribution of your assets and your funeral intentions.
A Beneficiary - Someone who is the recipient of a gift from your will, whether monetary or a specific asset.
Codicil - A codicil is a method of updating your Will, a seperate document that you need to execute and keep with your Will.
Executor - Your executors are the people who will manage your will after your death, they are responsible for seeing the wishes outlined by your will are fulfilled properly.
Guardianship - The people you elect to look after your children in the event of your death.
Trust & Trustees - A trust is a form of estate planning that entials multiple people being directors of your assets post-death, these are your executors. A trust is one of the greatest ways to protect assets.
Basic Trust arrangements can provide that a beneficiary receives a legacy at a certain age. A more common trust would be where a beneficiary receives the benefit of a trust fund for life. More sophisticated arrangements include Discretionary Trusts where the Trustees are given greater flexibility to use the Trust Fund for the benefit of your chosen beneficiary but given the circumstances, law and other factors which are known after your death.
While a Will deals with something that will happen to all of us one day, what we do not know is what might happen to us before that time; wherher we might live with a physical or mental condition which prevents us from managing our own affairs. Lasting Powers of Attorney confer on people who you trust the responsibility of managing your affairs at a time when you cannot.
Should I Change My Will?
It is important to keep your Will somewhere safe yet accessible, preferably within your home or with a professional who would store and look after your will for you.
It may be the case that you never have to change your Will but it may be a good idea to revisit it at times of major life changes such as marriage, divorce, births of new children or the death of an executor or beneficiary. Perhaps every 2-3 years, take another look over it.
It can be difficult to make changes to a Will after witnesses have signed it, since codicils (amendments) have to be made and witnessed, an easier alternative may be to draw up a new Will.