Produced by Tolley
  • 23 Mar 2022 10:45

The following Trusts and Inheritance Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Wills
  • What is a Will?
  • Formalities for making a valid Will
  • Age
  • Mental capacity
  • Knowledge and approval
  • Requirements relating to the document itself
  • Drafting the will
  • Revocation of a valid Will or codicil
  • Property that may be disposed of under a Will
  • More...

Wills

What is a Will?

A Will is a written document in which a person records his wishes that are intended to take effect after his death. His wishes may be set out in more than one document (perhaps dealing with his 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 his lifetime and, until death, the Will can always be amended or revoked.

Formalities for making a valid Will

In order to be valid, both the testator and the document have to satisfy a number of requirements.

Age

A testator has to be 18 years old or over to make a valid Will. There is a rule that a person under the age of 18 can make a Will if he is a member of the Armed Forces on active service, but this is extremely rare in practice today.

Mental capacity

A

Access this article and thousands of others like it
free for 7 days with a trial of TolleyGuidance.

There's no margin for error. Think Tax.
Think Tolley.

TolleyGuidance gives you direct access to critical, comprehensive and up-to-date tax information and expertise you can rely on.

TAKE A FREE TRIAL

Popular Articles

Partial exemption de minimis limit

This guidance note provides an overview of the partial exemption de minimis rules. This note should be read in conjunction with the Partial exemption overview guidance note. If a business incurs an insignificant amount of input tax which is associated with exempt supplies (exempt input tax), it may

06 Apr 2022 18:12 | Produced by Tolley Read more Read more

Trading losses carried forward

The reform of corporate losses within Finance (No 2) Act 2017 included a mixture of relaxations to the use of losses within the previous regime which applied before 1 April 2017 and also a major restriction (50% for most companies) on the amount of profits after 1 April 2017 that can be covered by

16 May 2022 13:23 | Produced by Tolley Read more Read more

Loan notes and qualifying corporate bonds (QCBs) and non-QCBs

On the disposal of the shares in a company, a seller may receive loan stock in the acquiring company as consideration or part consideration for the sale. For tax purposes, loan notes are either qualifying corporate bonds (QCBs) or non-QCBs (NQCBs). The expression ‘corporate bond’ is a general

23 Mar 2022 11:05 | Produced by Tolley Read more Read more