By Marlene Garsia
Crucial examining for an executor, but additionally for a person who has no longer but made a will or plans to replace an latest model, this ebook is filled with specialist suggestion and easy-to-follow info on all of the vital matters, together with: why to put in writing a will; the place to begin; tax and felony concerns; and the issues of death intestate. "How to put in writing Your Will" additionally presents distinct directions for executors on valuing and administering an property sooner than winding it up. full of worthy info, functional examples and a brand new commonly asked Questions part, it's the whole consultant to wills and probate.
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Additional resources for How to Write Your Will
Example text
24 This page intentionally left blank What Happens if You Die without a Valid Will? ■ 25 On the death of the surviving spouse the half of the estate which he or she has had a life interest in would pass to the children. Therefore, it is important to understand fully what life interest means. Life interest could be described as borrowed ownership in that you have the right to use the interest from the capital but cannot touch the capital as it does not legally belong to you. Upon death, the life interest passes to the other beneficiaries, for example the children, and is divided up equally for their benefit.
Your executor values your estate at the date of death. Any items not specially mentioned in your will would come under the term ‘residue of estate’, in other words everything you own or have legal title to and which has not been already left under your will. Whoever is left the residue of the estate would inherit the additional items not already disposed of. But, to ensure that a newly acquired specific gift goes to the right person, as your personal circumstances change so should your will. Every few years examine your present situation and, if necessary, make out a new will.
Any items not specially mentioned in your will would come under the term ‘residue of estate’, in other words everything you own or have legal title to and which has not been already left under your will. Whoever is left the residue of the estate would inherit the additional items not already disposed of. But, to ensure that a newly acquired specific gift goes to the right person, as your personal circumstances change so should your will. Every few years examine your present situation and, if necessary, make out a new will.