³ÉÈËÓ°Òô

An introduction to Wills

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance

An introduction to Wills

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
imgtext

What is a Will?

A Will is a written document in which a person records their wishes that are intended to take effect after their death. These wishes may be set out in more than one document (perhaps dealing with his property in different parts of the world) and thus it is possible to have more than one valid Will. Any changes or additions to a Will may be made by one or more codicils. The Will and its codicils are regarded and interpreted as one document.

The primary purpose of a Will is to provide for the disposal of property after death. It may also be used to express other wishes including the appointment of executors and guardians for minor children and to give direction for the disposal of the deceased’s remains.

A Will (together with its codicils, if any) takes effect only on death. It cannot confer benefits while the testator is still alive. Also, a Will cannot limit dealing with property during lifetime and, until death, the Will can always

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

Powered by
  • 07 Nov 2024 09:51

Popular Articles

Enterprise investment scheme tax relief

Enterprise investment scheme tax reliefOverview of EIS tax reliefsThe enterprise investment scheme (EIS) offers significant tax reliefs to encourage individuals to invest money in qualifying shares issued by qualifying unquoted companies. The scheme is designed to encourage investment in small,

14 Jul 2020 11:36 | Produced by Tolley Read more Read more

Trade or hobby

Trade or hobbyInteraction of hobby farming rules and commercialityFarming has its own set of ‘hobby farming rules’, which historically have stated that a profit must be made every six years. This is known as ‘the five-year rule’, in that there can be five years of losses but there must be a profit

14 Jul 2020 13:50 | Produced by Tolley Read more Read more

Fuel-related payments / mileage payments

Fuel-related payments / mileage paymentsIntroductionMost employers will make payments to employees in relation to business travel. Among the most common payments in relation to business travel are fuel and mileage payments. If an employer does not reimburse these amounts, then the employee will be

14 Jul 2020 11:46 | Produced by Tolley in association with Philip Rutherford Read more Read more