A document giving directions as to the allocation and disposal of a person’s property after death.
A will is the legal document that declares a person’s “last wishes” after their death. A will can name an executor, name a guardian for children and property, decide how debts and taxes will be paid, provide for pet care, and serve as a backup plan for a living trust.
n. a written document which leaves the estate of the person who signed the will to named persons or entities (beneficiaries, legatees, divisees), including portions or percentages of the estate, specific gifts, the creation of trusts for management, and the future distribution of all or a portion of the estate (a testamentary trust). A will usually names an executor (and possibly substitute executors) to manage the estate, states the authority and obligations of the executor in the management and distribution of the estate, sometimes gives funeral and/or burial instructions, nominates guardians of minor children, and spells out other terms.
To be valid, the will must be signed by the person who made it (the testator), dated (an incorrect date will not invalidate the will), and witnessed by two people (except in Vermont, which requires three). In some states, the witnesses must be disinterested, or in some states, a gift to a witness is void, but the will is valid. A will totally in the handwriting of the testator, signed and dated (a “holographic will”) but without witnesses, is valid in many, but not all, states. If the will (also called a Last Will and Testament) is still in force at the time of the death of the testator (will writer), and there is a substantial estate and/or real estate, then the will must be probated (approved by the court, managed and distributed by the executor under court supervision). If there is no executor named or the executor is dead, unable or unwilling to serve, an administrator (“with will annexed”) will be appointed by the court.
A written amendment or addition to a will is called a “codicil” and must be signed, dated and witnessed just as a will, and must refer to the original will it amends. If there is no estate, including the situation in which the assets have all been placed in a trust, then the will need not be probated.
A document giving directions as to the allocation and disposal of a person’s property after death.
It has no effect until the testator’s death and may be altered as many times as the person wishes.
To be binding, the will must be executed in accordance with statutory formalities. It must be in writing, signed by the testator or at the testator’s direction and in the testator’s presence.
It must appear that the signature was intended to give effect to the will (typically, the will is signed at the end, close to the last words dealing with the property).
The will must be witnessed by two persons, who must also sign the will. However, the witnesses must not be beneficiaries.
To create a valid will, you must know what property you have and what it means to leave it to someone after your death (which means you must have a sound mind), you must name beneficiaries for your property, you must sign the document, and you should have at least two other witnesses sign the document. Individuals can create their own wills, or they can hire a lawyer to write one for them. Keep in mind that the language in the will should be clear, accurate and not ambiguous.
Seek legal help if you want to disinherit your spouse or child, if you think someone will challenge your will, if you want to control how your property is used after your death, or if you have concerns about estate taxes.
A will is a legal document laying out what to do with your assets after you die.
Everyone needs a will because (1) everyone dies and (2) no one wants strangers in the person of court officers deciding what happens to their money, assets, or children after they die. The rules regarding how a will must be put together vary by state, but it’s safe to say that pencil scratchings on the back of an envelope won’t cut it. If you have an extensive or complicated estate, it will likely be more complicated.
Most attorneys can prepare a simple will for you for under £200. Some prefer to use do-it-yourself forms. You will find books on sale at your local library or book store. They can help you make the most obvious decisions, such as “per stipes.” (If one of your heirs dies before you, do you want their inheritance from you distributed to their heirs, or do you want it divided among your surviving heirs?)
NoLo Press is the best known publisher of books and software to prepare your own will. Their books will also walk you through the most common questions. But note that state laws can vary. An attorney familiar with the laws of your state can be well worth the price.
Those with children from a previous marriage should be especially careful when drafting a will that meets legal requirements.
In drafting a will, one should also be aware of estate tax issues. If your estate, including life insurance and tax preferenced accounts like 401Ks and IRAs, exceeds the federal minimum, federal estate taxes will be due. Many states also collect inheritance taxes. A formal estate plan designed to minimise those taxes may be in order. A living will is also a good idea as part of the package of documents your attorney prepares with your will.
While it’s not a legal requirement to have a will in the UK, having one ensures that your wishes are carried out and can help avoid disputes among family members.
Generally, anyone over the age of 18 who is of sound mind can make a will in the UK. However, certain individuals, such as those lacking mental capacity, may require special considerations.
If you die without a will (intestate), your estate will be distributed according to the laws of intestacy, which may not align with your wishes. This could lead to assets being distributed in a way you wouldn’t have preferred.
While it’s possible to write your own will (known as a homemade or DIY will), it’s recommended to seek professional legal advice to ensure it’s valid and meets all legal requirements.
You can update your will by drafting a new one or adding a codicil (an amendment) to your existing will. It’s essential to follow the legal formalities to ensure the changes are valid.
In the UK, you generally have the freedom to distribute your estate as you wish. However, certain individuals, such as spouses or dependents, may have legal rights to claim a portion of the estate despite being disinherited.
To be valid in the UK, a will must be in writing, signed by the testator (the person making the will) in the presence of two witnesses, who must also sign the will in the testator’s presence.
Yes, a will can be contested on various grounds, such as lack of testamentary capacity, undue influence, fraud, or improper execution. Contesting a will typically involves legal proceedings in court.
It’s advisable to keep your will in a safe and secure place, such as with your solicitor, bank, or in a fireproof safe at home. You should also inform your executor and trusted family members or friends of its location.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 11th April 2024.
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