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 WILL - TESTAMENT

 

TESTAMENT - WHAT IS IT?

Podpis

The word testament comes from the Latin Testamentum, meaning "drawn up in the presence of witnesses." It is a document in which you specify how your property should be distributed after your death and, very importantly, who will take care of your minor children when you are no longer with them. Also, if you want to transfer some of your assets to a partner with whom you are not married, you can indicate this in your will.

Indeed, having a will is not a legal requirement, but it allows, among other things, to shorten inheritance procedures (from several years to several months)

YOUR WILL SHOULD DEFINE:

  • to whom and in what proportions your property will go

  • who should look after your children under the age of 18

  • who will organize your property and fulfil your wishes after your death (who will act as executor)

  • what happens if the people to whom you want to donate your assets die before you

  • if you are in an informal relationship - how do you want to secure your partner's future when you are gone (Remember that unmarried partners will not get anything if we do not provide them in a will.)

  • who will take over your responsibilities or shares in the company you create

  • if the inheritance is to be donated to charity - exactly to which organization it is to go

  • Your special funeral wishes

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ROLES IN TESTAMENT

Testator: it is you, the creator of the will

Executors: These are the people you trust to fulfil your wishes and make decisions about your assets when you are gone. We recommend that you consider a few points when designating your Executors:

  • Your Executor should be about the same age as you or younger to ensure that you limit the possibility of his death ahead of you. To this end, we recommend siblings, partners, children and friends. Using your parents is a risky move as they are more likely to die before yours.

  • Consider choosing backup Executors

  • It is advisable to talk to the executors in advance, inform them that they have been selected, and inform them of your intentions. This way, they are prepared to act when the time is right. If you are unsure of your contractor responsibilities, read our guide.

  • The Executor is responsible for taking care of all your affairs and keeping your will, so it's important that they are someone you trust.

  • An executor can be the beneficiary of a will but must be 18 years of age or older.

Beneficiaries: These are the people you donate your property to. When you submit a will, you will have full control over whom you leave your assets with. For beneficiaries under the age of 18, you have the right to decide when you want them to take over the estate.

Guardian of minor children: if you are the parent of any of the children under the age of 18 you should specify who will look after them when they are no longer available. Must be an adult (over 18 years of age). We suggest that when choosing guardians for children, you should follow similar criteria as when choosing Executors of the will.

 

If you have pets, you can also appoint a pet guardian to look after them after your death.

For a will to be considered valid, it must be signed by you in the presence of two witnesses - their signatures are also necessary because it is the witnesses who certify that you are an adult, fully aware of the content and arrangements contained in the will and sign it voluntarily.

- without compulsion.

The witness should be an adult who will not be the beneficiary or executor of the will. Guardian of minor children.

W I L L S  -  T Y P E S

"CT" is particularly concerned with your wishes regarding your minor children. Applicable inheritance law says your children will receive whatever you inherit from on their 18th birthday. You as a parent may find that they will not yet be mature and responsible enough to have large sums of money or real estate. "CT" has 3 main functions, the first is it allows
change the age of disposing of the inheritance to any period up to 25 years of age, and secondly, it allows you to transfer or dispose of the estate under the control of a trusted person of your choice "Trustees" and, above all, it allows you to establish legal guardians for your children if you were missing.

CHILDREN'S TRUST

SINGLE WILL

"SW" is a specially prepared Testament for you in which you dispose of your property in the event of your death; that is, you indicate your will as to who and in what parts should inherit your property.

MIRROR WILL

"MW" is dedicated to couples. They are two separate Wills that specify the exact wishes in your wills, so a husband, wife or partner has almost identical or similar Wills. Hence the term "mirror" is used. One Testament is signed by one spouse/partner and the other by the other spouse/partner. These two wills mirror what the other says.

"PPT" A significant problem for many people is that their home may be used to finance care costs later in life. This can happen if you have just made Mirror Will with your partner. At the first death, your home will be taken over by the survivor - in a situation where the survivor, for example, due to his health condition, is transferred to the State Care and if no other assets (income, savings, help from the family) are available to cover the cost of care, local authorities may require the property to be sold. A Property Protection Trust (PPT) can help keep your home safe and ensure it is handed over to those you care about.

PROTECTED PROPERTY

TRUST

"LPA" - An Enduring Power of Attorney is a legal document that allows you to appoint one or more individuals (known as "attorneys") to help you make decisions or make decisions on your behalf. This gives you more control over what will happen to you if you have an accident or illness makes you unable to make decisions for yourself (your perception and your ability to decide for yourself will be limited). You do not need to live in the UK or be a British citizen

LASTING POWER OF
ATTORNEY

 ORDER OF INHERITANCE IN CASE OF NO WILL

based on the Act of Parliament Law of Intestacy of 1925:


1. Spouse
2. Children, if the children have died, they are their children
3. Parents
4. "Thoroughbred" brothers and sisters, if dead - their children
5. Brothers and step-sisters who have one parent in common with the deceased or, if they are dead, their children.
6. Grandparents
7. "Thoroughbred" uncles and aunts or, if they are dead, their children
8. Uncle and step aunts or, if they are dead, their children.
9. In the absence of the above or inability to find them, the property will forfeit to the State - Crown.

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