Pacific WillPlan

Pacific WillPlan and TrustPlan offers a range of services which include:

  • Will Writing

  • Testamentary Trust

  • Custodial Services

  • Executorships and Administration of Estate

  • Administration of Private and Charitable Trusts

Will is a very important document. Without a Will, the law decides how your estate is distributed. The preparation of a Will ensures that your estates are distributed according to your wishes. We offer conventional, Christian and Islamic Will writing services to our clients, the following is a brief description on wills:-

  • A Will is a legal document stating how assets are to be managed, arranged or distributed to Beneficiaries after a person’s demise.

  • The preparation of a Will ensures that your estate is distributed according to your wishes. The Will can make provisions for specific legacies and trust management for the estate.

  • A Will involves up to five parties – Testator, Beneficiary (Legatee), Executor, Trustee&Testamentary Guardian (for minor beneficiary)

  • A Will can only take effect upon the death of the Testator, and can be revoked at any time prior to that.

  • The Testator has the right to change the contents of his or her Will at any time.

  • No gifts or assets are transferred to Beneficiaries at the time of making the Will.

  • A Beneficiary can’t lay claim to property originally willed to him but later taken away from him by the Testator in the final Will.

  • Assets not owned by the Testator, but expected to be acquired in future, can be included in the Will.

  • Declarations of intentions need not be confined to property matters only, but can include certain wishes or dispositions which the Testator desires to be carried out.

A typical will consists of  the following:

Make a decision on the Executor of the will . This is the person or persons who will administer your estate when you pass away. Upon your death your assets are termed as an estate when you pass away. Choosing an Executor is quite important if your assets are substantial.

The Executor must be honest and trusthworthy. If you don’t have confidence in anyone, then you can choose a trust corporation to be your executor. If your assets are not that large, then it is quite common to select one or more of your beneficiaries to be the Executor. You need not finalize the person, but at least have 2 or 3 names as potential people.

Choose a Guardian . If you have children below age 18, you should nominate someone as a Guardian. Usually, your spouse is the guardian but you nominate a guardian in case both of you die together or your spouse pass away first.

Guardians would most likely be relatives or friends who love your children. Again, speak to them first and get their consent.

Beneficiaries . These are people who would benefit from your assets. Usually, they would be family, relatives and/or friends, but it can include charity organization or anyone at all. If you choose to leave everything to only one person say your spouse, then have alternative beneficiaries in case your spouse don’t survive you.

© 2020 Copyright By Pacific Trustees Group International

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