Jubliee Park

Jubliee Park

LAST WILL AND TESTAMENT

Information for planning and preparing your Will: 
The following information will help your solicitor plan your estate and prepare a Will that reflects your wishes.

  • Name in full

  • Full name of spouse

  • Address

  • Telephone number

  • Full names and ages of children

  • Any disabled dependants

  • Executor (usually the executor is your spouse or your children, but a friend, business associate, lawyer, or even a trust company, can be appointed as executor)

  • Name of executor

  • Address of executor

  • List of assets

  • Taxable income

  • Distribution of estate when wife or husband survives

  • Full name of beneficiary

  • Relationship

  • Amount of bequest or percentage of residue

  • Distribution of estate in case of common disaster. (In those cases where the husband and wife both die as a result of a common disaster)

  • Full name of beneficiary

  • Relationship

  • Amount of bequest or percentage of residue
    (You may make further arrangements for dividing your assets, or setting up trusts for infant children)

  • Specific items to be given to any beneficiary ( Item & Recipient )

  • Guardianship: In the event of your spouse dying before you or at the same time, it is important to name a guardian for your minor children

Steps in Estate Planning:

Make an inventory of your assets and your liabilities.

  1. Determine what you want to do with your estate. This is usually a simple question: whom would you like to benefit from your estate?

  2. Consider the tax implications. Many times you can attain the same objectives and save a substantial amount in income tax simply through the wording of your Will. Your lawyer will assist you in this, if you provide a list of assets and information about your and your spouse’s annual income.

  3. After you have considered the tax implications, you may wish to reconsider the division of assets or the manner in which you distribute those assets.

  4. All of these questions should be reviewed with a solicitor, who can advise you and make helpful suggestions when planning your estate and preparing your Will.