Standard Will

A Standard Will is a legal document that sets out how a person's property and assets should be distributed after their death. It is one of the most common forms of will and is suitable for many people with relatively straightforward estates. A standard will typically includes several key components:

1. Executor: The person named in the will, who is responsible for carrying out the wishes of the deceased.
2. Beneficiaries: The individuals or organisations, who will inherit the deceased's property and assets.
3. Property and Assets: A list of the deceased's property and assets, including bank accounts, real estate, investments, and personal possessions.
4. Bequests: Specific gifts of property or assets to named individuals or organisations.
5. Residuary Estate: The portion of the estate that is left after all specific gifts have been distributed.
6. Funeral and Burial Arrangements: Instructions for the deceased's funeral and burial, including any specific wishes they may have.
7. Guardianship of Minor Children: If the deceased has children who are under 18, the will may name a guardian to take care of them in the event of the deceased's death.

Standard Wills do not provide protection against own potential threats such as divorce settlements, creditor claims, care fees, or Inheritance Tax. Standard Will can include trusts within the Will.