A Will is a legal document that takes effect after your death. The document covers how you want all your assets and possessions distributed. An executor is appointed under the will who will look after your estate. This includes collecting your assets, paying your debts and distributing your estate in accordance with your Will.
A Will isn’t all about your things or your money, it also covers for example who will look after your children if they are still young, guardianship, charitable objectives and what you would like for your funeral.
Your Will is your final voice after you die to make sure your final wishes are heard.
Everyone should have a Will – it is not only for people with a lot of money in the bank or multiple properties. If you do not have a Will, it is called “dying intestate” – your estate will be distributed to your nearest family in accordance with the “intestacy rules” – which can be very different from your actual wishes.
A Will must be signed and witnessed properly for it to be a valid legal document, so it is important to always have a solicitor review your Will.
You can change your Will over time if required and should be reviewed and updated during major changes in your life (e.g. marriage, divorce, children, death of family, significant changes to the value of your assets etc.). Your Will will last until you die, unless you change it, make a new one, or cancel your current Will.
Your Will can only be challenged by others on the grounds that it is an invalid Will. For example, if they are under the impression that the Will being executed wasn’t your final Will, it wasn’t property signed and witnessed, you didn’t have the mental capacity when the Will was written, or the Will was changed after it was signed and witnessed.
To create a Will, you must be over 18 and mentally competent when writing the Will.
Contact the Option Legal team to prepare your Will and make sure your estate is distributed in accordance to your wishes.