Making Proper Testamentary Provisions For Your Loved Ones

A number of persons made their Last Will and Testament without seeking proper legal advice in an effort to cut back on legal costs. This can pose serious problems however, as the provisions made by the testator is less than ideal. This often results in bitter feelings between relatives after their death.For the sake of example, John Doe was married to a former spouse. This union produced children. He then divorced this spouse and thereafter remarries. He made his Will which provided for his immediate spouse but not for his former spouse and children. John Doe dies. Thereafter, his Will was probated by his Executors without reference to his former spouse and children. The former spouse and / or children is entitled to make an application under the relevant Code or Law, to a Court of competent Jurisdiction who will consider the facts of the case. If the Court finds that John Doe should have provided for his former spouse and children in his Will, it may order the provisions therein be altered, and that a monthly or a lump sum be paid out of his estate, for the benefit or maintenance of the former spouse and children.From the above, it is vital that individuals must seek legal advice in the preparation of his Will. This will prevent misunderstandings and wranglings among surviving relatives, and costly, time consuming and embarrassing litigation.Some points to be considered prior to making a Will are:1. If there are children of a previous relationship or marriage, proper provisions must be made for them. If the children are under the age of eighteen years, proper Trust provisions must be inserted in your Will;2. If you have divorced a spouse and he/she remains unmarried, it is vital to get proper and sound legal advice as to how you should proceed. In a number of Jurisdictions, a former spouse under certain conditions is entitled to share in your estate.In order to make the best provisions for your loved one in your Will, it is vital to seek the advice of trained professionals such as an Attorney-at-Law or a Paralegal. Do not shy away from the cost of having a proper Will prepared.In the end, it is love on your part when you make the proper testamentary provisions for them in your Will. In return, they can be assured that you had taken the proper steps to provide for them and after your death, they can benefit from your estate with peace of mind. You will be rewarded by their having fond memories of you always.

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Setting up a Trust by Will

You found out that you are terminally ill. You could pass on at any time. You have substantial or a reasonable amount of assets. Are you thinking of how to have your assets distributed after your death? Are you concern how your minor children will be taken care of? How about your aged parents, or a relative who is incapable of taking care of himself? Are you concerned about preserving your assets for the benefit of certain relatives?There is a solution. You can have a Last Will and Testament done to properly take care of these concerns. The necessary Trusts provisions can be inserted in the Will in order to care for minors or adults (hereinafter referred to as “the trust beneficiaries”) who are incapable of taking care of themselves.Before making your Will, the first and foremost thing to be addressed is to appoint Executors and Trustees who will carry out the provisions contained in it. You must ensure that these persons are honest and will not be persons who will not benefit themselves at the expense of your estate. The Executors and Trustees can be the same individuals. It is advisable however, to appoint Trustees separate and apart from the Executors, the persons who usually prove the Will after the death of the Testator. It is also a good idea to appoint a Trust company as one of the Trustees.Additionally, you should think of appointing testamentary guardians to look after your children after your deceased. They are responsible for the daily discipline, upbringing and supervision of the children. Again, care should be exercise to ensure that these persons are scrupulous and of sound mind and good character, and who will not ill-treat your children after your passing.After your death, the Executors and Trustees are responsible to ensure that steps be taken to collect and compile all assets, ascertain which are to be bequeath or devised to named beneficiaries. Also, they are responsible to identify which portion assets are trust property. It is advisable for the Executors and Trustees to identify all debts owed by or to your estate.The duties of the Executors are as follows:1. After your deceased, to secure and otherwise collect all assets and to advise all institutions such as banks and building societies of your death and open the appropriate accounts in order to facilitate the payment of funeral, legal expenses for probating Will, estate duties where applicable;2. To have your Will probated in the appropriate Court;3. To identify, pay and collect debts owed to and by the estate;4. To assent to bequests and devises to certain named beneficiaries pursuant to the provisions contained in your Will. In other words, if you direct that a sum of money or a certain real property is to be given to your brother or sister absolutely, then the Executors ensure that this directive is carried out.The duties and responsibilities of Trustees are as follows:1. After your deceased to examine the provisions of your Will in order to identify trust properties and the trust beneficiaries;2. To collect all movable properties such as bank accounts, insurance policies;3. To secure real properties and title deeds;4. After probation of your Will, to effect the necessary transfer of properties in their names upon trust for the benefit of minor or other beneficiaries;At this point, you must clearly identify in your Will the trust assets and the trust beneficiaries. Usually, you direct your Trustees to hold the proceeds of the trust properties upon trust, to make proper and sound investments of these properties, use the proceeds of investments to the benefit of the trust beneficiaries toward their living, medical, educational and other reasonable expenses.In regards to real properties, the Trustees should be directed to have them rented and the rents be invested and the proceeds be used to defray any expenses of the trust beneficiaries. In addition, the Trustees are to be directed that the real properties are to be insured against damages due to fire, natural and other disasters. Further, the Trustees are to ensure that the real properties are maintained.It would be advisable to direct your Trustees how to handle a situation one of the beneficiaries should die.Should you have assets in other jurisdictions, you should appoint Trustees to take care of these.A directive should be given that the trust shall end when the minor beneficiary reached the age of consent or at the age of twenty one if they are in college.At this point, the Trustees must transfer all the proceeds of the trust estate and the proceeds of investments derived from such estate to all the beneficiaries.

Copyrighted © article.This article is not to be used as legal adviceand the readers are encouraged to seekthe advice of an Attorney-at-Law.