Writing a will is one of the most important things you will do in your lifetime. Writing a legally valid will ensures that your money and estate are distributed according to your instructions following your death. Failure to do so will result in your assets being dealt with according to intestacy rules, which, while as fair as possible, may not align with your preferences. However, writing a will can be an overwhelming and often unpleasant experience for some. Furthermore, there is a great deal of legal jargon to decode. If you’re eager to make a start on your will, here is a list of all parties involved in the process.
The Testator
In terms of writing a will, the “testator” refers to the writer in question. To make a valid will, the testator must be of sound mind and body. In other words, the testator must have the mental capacity to understand their actions and be able to provide informed consent to or refusal free from the influence of others. Additionally, they must be at least 18 years old in most jurisdictions.
When writing their will, the testator must outline their wishes regarding their property and assets after their death, including who receives what and when – this may include partners, children, other relatives, friends and charities. The testator is responsible for ensuring their will is clear, comprehensive and, most importantly, valid in the eyes of the law.
The Witnesses
UK law states that a will is only valid if it is signed in the presence of two witnesses, who must also sign it. Witnesses play a crucial role in confirming that the testator is voluntarily signing the will and mentally capable of doing so. They also testify that the will is the authentic and original document of the testator. In the UK, witnesses must be 18 or over and of sound mind. It is also worth noting that will witnesses must not be related to the testator, nor should they have any personal interest in the will. Moreover, the testator cannot leave their witnesses (or their married partners) anything in their will.
The Executor
The executor is the individual responsible for carrying out the wishes of the deceased as outlined in their will. The testator can appoint anybody they wish, such as a friend or family member, although it should be noted that being a will executor of a loved one can be a draining and upsetting job. Nevertheless, the testator should appoint somebody they trust to take on such significant responsibilities, including:
- Taking care of the deceased’s funeral and burial arrangements.
- Compiling the assets and debts of the deceased.
- Settling the debts and taxes owed by the deceased.
- Allocating the assets of the deceased to the beneficiaries as outlined in the will.
The Beneficiaries
Plainly speaking, beneficiaries are people explicitly named in the testator’s will – these individuals or organisations will typically receive money, possessions or other assets. Failure to write a valid will generally result in the deceased having died “intestate”, meaning their assets will be distributed according to intestacy rules, which may not align with their wishes. For example, if the deceased was married or in a civil partnership and had no children, their entire estate would go to their spouse or civil partner.
However, the execution of a will is not always as straightforward as those involved would prefer. In some cases, missing beneficiary indemnity insurance may be required. MBI protects the executor of an estate from claims by beneficiaries who were not named in the will.
Next Of Kin
The next of kin is typically defined as the deceased’s spouse, children, parents and siblings – in that order. Under the rules of intestacy, if there is no surviving next of kin, the deceased’s assets will pass to half-siblings, grandparents, uncles and aunts (then their children), half-uncles, half-aunts (then their children), and eventually, the crown. Any disputes will be handled and resolved by the court. In some cases, the court may play a role in distributing the estate’s assets. For instance, if the will designates assets to a minor next of kin, the court might appoint a guardian to oversee and manage those assets until the child is of age (18).
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