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A Will is a written record of your instructions as to how your assets (everything you own) are to be distributed when you die. Here at Choice Wills, we guarantee a professional and friendly Will Writing service in Northampton and surrounding areas.
Passing away without having a valid Will is known as dying Intestate. The rules that govern the distribution of your assets in such circumstances are known as the Laws of Intestacy.
Under the Laws of Intestacy, your spouse and children do not automatically receive everything in your estate. The law sets out clear rules on the distribution of your assets including your home, personal possessions, life assurance, investments and cash, in fact, everything you own.
Factors such as whether you are married, have children or have any living relatives, will determine who benefits from your death.
We have provided a summary below:
Executors - The role of an Executor is to register the death, administer the estate including applying for probate and to carry out any wishes detailed in your Will. If you are a couple arranging a Mirror Will (joint Wills), you would normally appoint each other as sole Executors and appoint 'reserve' Executors should you both die. You may appoint up to 4 people to act at any one time.
Trustees - The Trustees role is to manage and look after your assets on behalf of your chosen beneficiaries, often young children. It is an important role. Your Trustees may be given powers to advance monies in the Trust to pay for the welfare and education of your children, until they are old enough to inherit your estate. It is common to appoint people as 'joint' Executor and Trustee.
Guardians - Should both you and your spouse or partner die, the appointment of Guardians (to take over parental responsibility) is often the most important aspect of a Will. You may also appoint 'reserve' Guardians, who will take over if your chosen Guardians die before you or are unwilling or unable to carry out their duties.