Our Pacific WillPlan services include:
Professional legal advice on estate planning
Conventional/ Christian/ Islamic Will writing, including Testamentary Trust(s) where appropriate
Appointment of Pacific Trustees as Executor and Trustee
Custody of original Will (compulsory for first year with automatic renewal for subsequent years)
A Will is a very important document, without which the law decides how your estate is distributed. The preparation of a Will ensures that your estate is distributed according to your wishes.
A Will can also include provisions for specific legacies and trust management for the estate.
A Will involves up to five parties – Testator, Beneficiary (Legatee), Executor, Trustee and Testamentary Guardian (for minor beneficiary)
A typical Will should have the following provisions:
Decide who should be the Executor of your Will. This is the person who will administer your estate when you pass away. Upon your death, your assets are termed as your estate. Choosing an Executor is important if your assets are substantial.
Your Executor must be honest and trustworthy. 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 your Executor(s). You need not finalise your choice now, but should have at least have two or three names as potential Executors.
If you have children below age 18, you should nominate someone as a Guardian. Your spouse is usually the Guardian, but you should nominate another Guardian in case both you and your spouse die together, or your spouse passes away first.
A Guardian(s) would most likely be relatives or friends who love your children. Again, speak to them first and get their consent.
These are people who would benefit from your assets in the event of your demise. They are usually your family members, relatives and/or friends, but they can include charity organisations or anybody at all. If you choose to leave everything to only one person, say your spouse, then have alternative Beneficiary/ Beneficiaries in case your spouse doesn’t survive you.