Contents of a Will

 

What is included in a Will?

Your Will firstly states your name (this is called the testator in legal terms) and address. It will then appoint your executor(s), the person(s) who will be in charge of making sure the Will is carried out. The main part of the Will identifies your assets (like bank accounts, property, businesses or other belongings) and the people who you want to leave your estate to (these are called beneficials in legal terms). You can then also include funeral arrangement preferences and appoint guardians for your children.

Quick overview of what should be included in a Will:

• Testator details

• Executor details

• Details about your assets

• Beneficiary details

• How your estate should be distributed

• Funeral arrangements

• Guardian details

The language used in Wills is very specific and might sound confusing. It is very important that this legal language is correct, otherwise your Will might be invalid. You can have a look at our sample Will if you want to understand the type of language that needs to be used.

What is a testator?

The person making the Will is the testator.

What is an executor?

The person who will carry out your Will when you die is called executor. You can appoint anyone above 18 as an executor and it is advisable to have more than one person (in case they die before you). Appointing an executor can be a daunting task and can sometimes cause rifts in the family. With our Wills we remove this worry as we will automatically act as your executors.

What are my assets?

Your assets are all of your belongings that have a monetary value (this means they could be sold). These are valued (at the time of death) and then distributed according to your wishes.

Your estate can contain the following assets:

• money (in a bank account or building society)

• trusts, shares and things like your pension or life insurance payout

• your house or any other property and land you own

• the contents of your house like furniture

• other personal belongings

• cars

What are beneficiaries?

The persons and organisations (like charities) that you specify to inherit your estate.