Is Your Will Valid? Don’t Get Caught Out!

The Wills Act 2007 sets out what you need to do to make a valid Will. The requirements are not complicated, but they are strict. Amongst other things, your Will must be dated, and be signed by the will-maker in the presence of two witnesses, who must also sign the Will. Each party must initial each page. Your witnesses must not benefit from the Will.

What many people do not realise is that a perfectly valid Will is rendered invalid if you get married or enter into a civil union, unless the Will specifically stats that it is made in contemplation of that marriage or civil union (Section 16, Wills Act 2007). Similarly, if a Will is made during a marriage or civil union and then the relationship is legally dissolved, some parts of your Will may then be invalid (Section 19, Wills Act 2007).

Trustee VS Executor
When making your Will, it is likely you have appointed one or more people an Executor and Trustee; they may be friends, family members or perhaps a trusted professional. They do not however, need to be the same person.

An Executor is the person whom you appoint in your Will to administer your estate and carry into effect the provisions of your Will. They will be responsible for gathering in your assets, meeting liabilities and distributing the assets. this is largely governed by the Administration Act 1969. A number of Wills, however, do not provide for all assets to be distributed immediately. Examples include providing for young children to inherit when they reach a fixed age, or providing life interests to a partner. It is in these situations that the party holds the assets as a Trustee, and is governed by the Trustee Act 1956.

The role of Executor is often completed over a short duration, whereas a Trustee may have ongoing responsibilities for many years to come. When choosing your Executors and Trustees. consider the roles and whether in your case, a separate Trustee should be appointed for the ongoing responsibilities after the initial administration.