Introduction to how much can I leave in my will
“A person should have a valid Will to leave his estate according to his wishes. For writing a best Will a person should know that how much can I leave in my Will. If he dies without having a valid Will, then the estate of the deceased will be divided according to the rules of intestacy. Intestacy may not represent the true wishes of the deceased“.
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What is included?
- Introduction to how much can I leave in my will
- Property in how much can I leave in my will
- Excluded Properties in how much can I leave in my will
- Joint Property
- Nominated Property
- Pension benefits
- Insurance Policies
Property in how much can I leave in my will
In Wills, Probate and Trusts, A person is entitled to leave his/her personal and real property to anyone he/she would like(Will). The property includes agricultural and non-agricultural land, buildings, homes, cash, bank accounts, jewellery, car, investments, shares, stocks, paintings etc.
Excluded Properties in how much can I leave in my will
As a general rule a person can leave his/her personal and real property under a Will to anybody he/she would like. The Testator (person who writes Will) must know that the following properties cannot be left under a Will. These properties will pass independently of the Will and under the rules of Intestacy.
- Joint Property
- Nominated Property
- Insurance Policies
- Pension Benefits
- Nominated Property
- Pension Benefits
- Insurance Policies
Joint Property
For better knowing that how much can I leave in my Will, The properties which are jointly owned by the testator, for example, a home or joint bank account will pass independent of the Will. Upon the death of the testator, his/her interest will transfer to the remaining (alive) person or bank account holder with whom he jointly shared his home and bank account.
Where a husband and wife own a home as joint tenants, upon the death of either husband or wife, the property will remain with the surviving partner. It is important to note that the house or land which is held on tenancy in common can be left in a Will or the absence of Will, will be part of Intestacy.
Nominated Property
These are the properties where a beneficiary is nominated and upon the death of the testator, the nominated property will be transferred to the chosen nominee. Discretionary pension schemes, deposits in certain trustee saving banks, friendly societies, individual provident societies fall under nominated property category. A nominee could be a third party as well.
Pension Benefits
Pension benefits upon the death of the testator are paid to the members of the family of the deceased or dependents chosen by the testator at his/her discretion. Pension benefits which mature at the death of an employee will pass on independent of the rules of Will or Intestacy.
Insurance Policies
Insurance policies which are taken out for the benefit of a particular person, for example, a spouse or child or somebody else will pass independently of the Will or Rules of Intestacy. Upon the death of the policyholder, any benefit arising due to the maturity of the Insurance policy will belong to the specified individuals. For example, a husband takes life insurance for the benefit of his children, upon the death of the husband the children will be automatically entitled to the proceeds of the life insurance.
However, a simple life insurance policy, where the benefit of the policy belongs to the policyholder, such policyholder can leave the proceeds of the policy to anyone he/she wishes to.
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