It's nearly the end of the weekend. I am preparing a will for a client and thought it might be a good subject for the next blog.
Families and Wills
A husband and wife came to see me last week to make a will. They
were from Asia and had 1 son and 1 daughter. They wanted to leave all their properties to their son. They were from a very traditional and old fashion family.
I tried my best to explain that in this day and age, what they were proposing sounded most unfair. I took great pain to explain to them that it was not just the issue of leaving their properties to their son. I told them they had to consider how it would affect the relationship of the son and daughter after their death.
I have seen families broken up as a result of wills that favour different children.
I have acted for a 70 year old mother who had to sue her son because her husband did not make a will and finalise his affairs before his death.
There are lots of problems that can be caused by a failure to plan.
The law also has a set formula for distributing estates where there is no will. That formula may not be how you wish your estate to be distributed.
Failure to plan is tantamount to planning to fail.
So what needs to be considered if you want to make a will.
The first point is to decide who is to be your trustee/executor.
The term is used interchangeably. The job of the trustee is to obtain a piece of document from the Supreme Court. That document is the Grant of Probate. The Grant of Probate allows the trustee to sell the properties belonging to the estate.
The trustee is then to distribute the estate according to the instructions in the will.
Whom you appoint as the trustee is a very important matter. The trustee has to be someone you trust as they control your assets. They may well sell everything and disappear to the Bahamas.
So choose a trustee that you know will not disappear with your estate.
If you have young children, it is also important to choose a guardian who will agree to look after your children until the children are adults.
After you have decided who is to manage your estate, you have to decide how you wish to distribute your estate.
Do you wish to give everything equally to your children?
When do you wish them to receive their money?
What can the trustee spend your money on while your children are still infants?
What happens if your children and spouse do not survive you. Who gets your millions?
So many questions but it is best to get help as a will is a very important document.
So till the next time, enjoy the blog.