10 Things You Should Know About Wills in the UK

Posted on: 10-08-2015 in Retirement Planning

A Will is an essential document.  We take a closer look at what a Will actually does and why it matters so much:

– You are eligible to draw up a Will as soon as you turn 18 years of age (applicable in the UK).

– If you die intestate (without a Will), the state will distribute it accordingly to their standards or worst-case scenario – your possessions, finances and assets will go to the Crown (state).

– You are allowed to make minor amendments to the current executed Will. However, Codicil is a legal document, thus conforms to same legal requirements as your original Will.

– You are free to use a different witness (es) for the codicil in order to legalize the document.

– Witnesses to the Will cannot be potential beneficiaries, spouse of potential beneficiaries to the Will or your family members.

– Unmarried couples or divorced partners receive nothing unless otherwise stated in a Will.

– You are given the liberty to draw up your own Will (DIY) without using the service of a professional solicitor or Will writing service provider.

– To legalize a Will, you will need to sign the Will in the presence of two witnesses (who also should sign to attestation).

– Wills do not have to be filed with courts to be legal.

– It is important to appoint a trusted executor, recommended to appoint two – to carry out the duties and wishes of your Will.

Holborn Assets specializes in Wills and trusts. Our expertise spans across the UAE and the UK with experience in Will-writing services over a decade.  Let us offer you step-by-step guidance through the entire process of drawing up your Will today!