UK Accounting Glossary
A document giving directions as to the allocation and disposal of a person’s property after death.
It has no effect until the testators death, and may be altered as many times as the person wishes.
To be binding, the Will must be executed in accordance with statutory formalities. It must be in writing, signed by the testator or at the testator’s direction and in the testator’s presence.
It must appear that the signature was intended to give effect to the will (typically the will is signed at the end, close to the last words dealing with the property).
The will must be witnessed by two persons, who must also sign the will. However, the witnesses must not be beneficiaries.
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This glossary post was last updated: 5th May 2019.