(5) there is a birth or adoption of a child in the Testator's family and (4) an executor or a significant beneficiary in the Will dies (3) there is a significant change in the amount of money and/or property the Testator owns (2) the Testator is unmarried, but has a new partner (1) the Testator gets married, enters into a civil partnership, gets divorced or their civil partnership is dissolved It is important to review a Will in the following circumstances: The larger the specific gifts or debts, the smaller the Residue Fund.Ī Will should be reviewed from time to time to ensure that it still meets the needs of the Testator.
The residue is often the largest part of an estate, but its value will depend on the assets and debts of the Testator at the time of their death and cannot be determined at the time the Will is made. A Will should contain a residue clause specifying how the residue should be distributed. Whatever is left after all of the specific gifts have been given and all debts have been paid is called the Residue Fund in this document. A Will then sets out any specific gifts of personal possessions or money that are to be made. It names one or more executors, who will be responsible for administering the estate and one or more alternate executors if the named executor(s) are unable to act. It also provides the executors with instructions on how the estate should be distributed.Ī typical Will provides that all debts of the estate including taxes should be paid first. The Will names one or more executors who have been entrusted with the duty to carry out the wishes of the deceased. (4) the Testator must have no disorder of the mind that perverts their sense of right or prevents the exercise of their natural faculties in disposing of their property by Will.Ī Will is the key document for the executors of an estate when the Testator dies. (3) the Testator understands and appreciates the claims to which they ought to give effect and (2) the Testator understands the extent of the property of which they are disposing (1) the Testator understands the nature of making a Will and its effects This document is not appropriate for people who have complex assets requiring specialist provisions, minor children under 18 years of age, grandparents who wish to leave assets to grandchildren or those who wish to set up separate arrangements for domestic and foreign assets.Ī Testator must have " testamentary capacity" to make a Will, which means that: This document may only by used by Testators who are at least 18 years old and who are resident in England and Wales. A Will is a legally binding document that sets out the wishes of the person making it (the " Testator") regarding the distribution of their worldwide property and assets.
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