Elderly Information : Wills

September, 2012 last-will

Financial advice for elderly relatives is important and one area that can’t afford to be overlooked is the Will. Making a will is vital to make sure their wishes are fulfilled – and so unnecessary taxes aren’t taken by the government!

If your family member needs assistance in completing a Will and doesn’t feel confident doing it themselves, fear not, you can instruct a solicitor to make one for them.

Below we have complied a few facts and advice for the elderly and their relatives when it comes to composing their Wills and information you must remember to include:

Your Estate – The estate is everything owned at the time of death, including money, possessions, property and investments. If any property or money (ie bank accounts) is jointly owned, ownership will pass to the shared holder.

Legacies – A legacy, simply, is a gift left in a will. If leaving specific possessions to specific people, they must make sure to provide sufficient details to ensure that there is no doubt as to the identity of the possessions or who they should go to. Gifts can be left to anyone; individuals or organisations (like charities).

Executors – The will must name one or two executors – these are the people chosen to handle the estate after death. They can be relatives or friends, or some people chose to name a solicitor. Either way it should be someone that can be trusted to exercise the wishes in accordance with the will.

In order for a will be to valid it must contain certain requirements:

  • It must be in writing

  • It must be signed and witnessed by 2 persons

  • They must be over 18 when you make it

  • They must have the mental capacity to make the will and understand the effect it will have

  • They must not have made it as a result of pressure from someone else

For more information and advice for the elderly and their relatives on making a will please read Age UKs fact sheet here.

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