(including those of any spouse/partner/civil partner)
You may wish to state in your Will how you want to dispose of your body, eg. cremation or burial.
Any more detailed wishes would usually be set out in a private side letter.
Your first task is to choose executors, who will be responsible for collecting the assets of your estate, paying debts, funeral expenses, and taxes, and distributing the balance in accordance with your instructions.
Your's spouse or partner may be an executor. Most people then choose other family members or friends. Partners of Kang Asset Management are also willing to act as executors and may be named as first-choice executors or as substitutes. We will need your executors’ full names and address if you are not appointing Kang Asset Management.
If you have a child or children under 18, it is important to appoint a guardian or guardians to look after them in case you and the other parent should die while they are still under age. Please give this some thought, if appropriate, and we will need their full names and addresses.
Gifts of cash or specific personal belongings
Before deciding to whom the main part of your estate should be left, you may consider making gifts of cash or your specific personal belongings. Please write below the full names and addresses of the recipients, and state the amount of money or describe clearly the items you wish each of them to receive.
In case of Wills for couples, please tick one box only to indicate whether any cash legacies are to be paid under each Will, or once only on the first or second death. We generally advise they take effect on the second death in the case of spouses as this is more tax efficient.
Gift of property
If you wish to make a specific gift of property in your Will or leave someone an interest in property, for example allowing an individual to live in your property for life, we will need to obtain a copy of the Title for the property from the Land Registry at a cost of £3.
We will also need to know:
Do you intend that gift to apply to any adjoining land?
Is there a mortgage on the property?
Should there be any conditions attached, i.e. The right to live in the property will end on remarriage?
Is the gift specific to this property or should it be more flexible and allow that individual to move and have the same arrangement over a new property?
If you give an individual a life interest, will they be able to afford to live in the property and pay the outgoings and insurance? Consider leaving them a cash gift in addition to the interest in a property.
Consider who would be the trustees. The partners of Kang Asset Management would need to charge fees for acting as trustees, so consider if you are happy for this to happen or would prefer other individuals of your choosing to act instead. We will only act on the condition that a clause is included providing that we can charge fees in the future for taking on this role.
Please indicate how you wish to leave the remainder of your estate in the space below. (Please note, for inheritance tax reasons, it is more tax efficient if the residuary estate is left to your spouse if they survive you.)
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