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 their 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

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™
Powered by Tolley+
  • 25 Nov 2025 11:40

Popular Articles

Settlor-interested trusts

Settlor-interested trustsWhat is a settlor-interested trust?A settlor-interested trust is one where the person who created the trust, the settlor, has kept for himself some or all of the benefits attaching to the property which he has given away. A straightforward example is where a settlor

14 Jul 2020 13:38 | Produced by Tolley Read more Read more

Spouse exemption from inheritance tax

Spouse exemption from inheritance taxArguably, the most important inheritance tax exemption is the spouse exemption from inheritance tax.There is no IHT to pay on gifts from husband to wife and vice versa, or from one civil partner to the other (referred to collectively in this note as ‘spouses’).

14 Jul 2020 13:56 | Produced by Tolley in association with Emma Haley at Boodle Hatfield LLP Read more Read more

Parking provision and expenses

Parking provision and expensesCar parking facilities at or near to the employee’s workplaceThere is an exemption from tax and NIC where an employer provides parking, or pays for or reimburses an employee for the costs associated with car parking at or near the place of work; there are no reporting

14 Jul 2020 11:09 | Produced by Tolley Read more Read more