All You Need To Know About a Will
If you currently do not possess a will, then your family and loved one will never receive the assets and other things you want to leave them after your death. If you are not sure of how and where to start, here is the basic information you will be required to know if thinking for making a will.
What is a will?
A will is sometimes also referred to as a testament. It is a form of legal declaration through which the person or the testator names a single person or more to manage or own his estate or assets during and after the time of his death. In other words, it is basically about stating your final wishes in the form of a legal document. After the person or the testator’s death, his or her will is read to his loved ones or close ones by the county court. It is then the responsibility of the court to make sure that the wishes stated in the will are fulfilled and the near and dear ones of the testator receive their fraction of the estate or the assets fairly as stated in the terms of the will.
However, if at any point in the entire course of time, any one disagrees with the terms of the will then they can contest the will on the basis of solid evidence and fair grounds. Read on to know more.
What is Contesting a Will?
Contesting a Will is more of an unusual phenomenon. According to a recent estimate, almost ninety nine percent of the wills are accepted in the way they were originally written. As a general rule of thumb, a testator can leave her or his estate to anyone she or he wishes to. However, if under any circumstances the will does not provide adequately or fail to generate a reasonable financial provision for the selected or certain class of people, then under the Inheritance Act of 1975, the court must ensure that the left out section is provided for. This is when a specific will can be contested. However, to declare a will as invalid several grounds can be reasoned such as the undue influence, fraud or forced testament, revocation and other intentional issues. If any of these factors are proved to be true in the court by the contester then the entire will writing happens again.
Clauses in a Will
The clauses relating to the finance are the most important ones and the most critical ones. Always ensure that it is clearly mentioned in your will the part of your estate from which your funeral expenses, debts and the expenses encountered in carrying out the will should be paid. Also, make it clear whether all your legacies would be subjected to tax or given free of tax. If you fail to state this clearly, then the inheritance tax comes into picture. As a general rule, the inheritance tax on the foreign property or gift is borne by the one who has received the gift or property while any other tax is borne by those who have inherited your residuary state. In case you have a property which has been kept as a security for a debt by the local authority charges or has been mortgaged then all the related debts to that particular estate would be automatically entitled to be paid out of the property itself unless of course you have showed or mentioned a contrary intention relating to the same in your will. Considering all these facts, one can see that how the financial clauses in a will might turn up as critical at times. Therefore, they must be stated clearly by the testator in the will at the time of will writing.
Author Bio:
Raze Neil is a law professor at an international university and also writes for http://www.disputingwills.co.uk/. His other expertise includes will writing, will contesting, will disputes advisor and similar areas.
Category: Law
