A will is a binding legal document that clearly states how a person would like to have his assets managed after death. The main components of a will are cash legacy, bequest, and residue. When there is cash to be disposed of, it is usually given to family, friends, or as a donation to charity. In the will, the amount of money left for each party will be a specific value. Physical assets and other possessions can be given away to whomever the owner of the will wants.

Once taxes, financial obligations, and fees have been deducted from the value of the estate, the remainder is called residue. This can go entirely to one person, or shared by several individuals.

How properties are handles in the will

There are two common ways of holding property. For those whose ownership is shared with the spouse or a partner, the value of the adequately stated in the will is half the market value minus your mortgage share.

• For properties held in joint tenancy, the surviving partner who owns half of the tenancy will automatically receive the value of the other half upon the death of the partner.
• For properties held in tenancy in common, you will have the option to leave your share of the property to whomever you want, who then becomes a tenant in common together with the other owner.

If you are considering to rewrite your will or rearrange your ownership of a property, you must consult an expert to find out the implications of such actions.

Appointing beneficiaries

If you have any beneficiaries below the age of 18, a legal guardian has to be appointed in the will. Usually, any money or assets bequeath to children are placed in a trust. A trust is an effective way of managing the assets until such time that the beneficiary is already of legal age unless specified otherwise in the will.

Choosing executors

These are the people you have specifically chosen and appointed to execute the wishes you have indicated in the will. It is a common practice to have more than one solicitor in the will. An executor can be a relative, a trusted friend, or a solicitor. In many instances, a lay executor is preferred. Should the executor need professional assistance in managing the will, they can reach out to a probate service. Your beneficiaries can also act or become executors of the will.