Your Will underpins the entire Trust process and is an important component of your estate and succession planning. With a Will, your advisers will have a clear guidance as to your wishes after you have passed on.
Your Will should:
- Appoint an executor and trustee
- Specify any funeral wishes
- Appoint guardians for young children
- Forgive any debts owing to you by your Trust
- Make any specific bequests ( i.e. jewellery, furniture and effects etc )
- Direct who is to receive the balance of your assets, when and in what shares
- Direct who is to receive the assets of your Trust, when and in what shares
Ask yourself the following questions:
- Do you have a Will?
- Is it up to date?
- When was it last reviewed?
- Are you aware of what it entails?
- Does it reflect your current request?
- Is it in harmony with your Trust?
If the answers to these questions are a “NO” or “NOT SURE”, contact us
Your Will is your wishes to your loved ones
Without a valid Will, your estate will be administered and distributed according to statutory directions. In other words, the law of the land, not you, will dictate who is to receive your estate and in what shares. A properly constructed Will working in harmony with your Trust is a vital part of all estate planning exercises and like a health check, should be reviewed annually.
Your Will should ensure you elect your beneficiaries
With years of asset accumulation in hand, the asset distribution process can be a time-consuming process for all parties involved. Hence, your Will should state in detail who is the beneficiary, in what proportions are the assets to be shared and when is it to be executed.
Without clear direction, families can endure disagreements and arguments over who was promised what.
- Your Will should clearly detail who is to receive what, in what proportions and when.
- Failure to execute a Will often causes confusion, added cost, time delays, disagreements and ultimately often an outcome that was not intended or desired.
Your Will should avoid grey areas and confusion
- Consider your funeral service wishes
- What is to happen to your personal items
- Do you have any charitable gifting wishes?
- Do you wish to leave specific legacies to specific relatives, friends?
- Do you wish to acknowledge someone who has provided a valuable service to you during your lifetime?
- Most importantly, how is your Trust to be viewed after your death and who is to replace you as a Trustee and who is to benefit and when?
These are all questions that may be asked and without a Will may not be answerable. A Will is a clearly stated true reflection of our current intentions.
Your Will should reflect your intentions
A Will is a clearly stated true reflection of your current intentions and will accurately reflect your wishes moving forward. Whilst you are able to determine and direct an appropriate courses of action for your Trust for the benefit of your beneficiaries, in the future, it is your Will that will be a driver in underpinning our estate and succession plans. A clear and comprehensive expression of your wishes, along with your Trust will ensure its facilitation is administered and conducted accordingly.