Wills 

Wills

  • Will would typically cover the following elements:
    • Details of the Testator (person making the Will)
    • Details of the Executors (person or persons ensuring that the deceased's estate is properly wound up and their wishes in their Will are carried out)
    • Details of Trustees (persons appointed to manage ongoing Trust assets and Trusts which arise from the Will – these can be same as Executors)
    • Appointment of Guardian or Guardians for minor children as applicable
    • Organ donation and funeral arrangement wishes
    • Pet Provisions as applicable
    • Debt Relief to any persons that Testator wish to relieve from outstanding debts (if any)
    • Gifts and Beneficiaries - for assets that are not held in Trust
      • Gifts of Money (sum of money)
      • Specific Gifts (jewelry, painting, watch, car etc) 
      • Property Gifts
    • Personal chattels and beneficiaries
    • Trust arrangements within the Will as applicable
      • Property Protection Trust – provision for someone to use property for certain period and or conditions being met, after which the property passes onto children or ultimate beneficiaries.
      • Flexible Life Interest Trust – provision for someone to use property and other assets for certain period and or conditions being met, after which the property and other assets passes onto children or ultimate beneficiaries.
      • Discretionary Trust - provision to settle property and other assets onto a Trust for benefit of specified list of beneficiaries or class of beneficiaries.
    • Exclusions – deliberate exclusion of anyone who may have a claim on Testator’s estate to establish that the omission was not a mistake. 
    • Business interests – sole trading or partnerships that may be continued by beneficiaries.
    • Residuary estate (remainder of the assets – can be majority of the estate)
    • Distribution of residuary estate and beneficiaries (specified list or class of beneficiaries).
    • Trustee powers – best practice standard provisions from The Society of Trust and Estate Practitioners are included in the Will.