Estate Planning
The will
Important components of a will
The main considerations when constructing a Will are:
- The beneficiaries. These are the individuals or organisations that will benefit from the Will. In other words, they may be entitled to a distribution of the proceeds of the estate. Even if you do not distribute any assets to a particular beneficiary, it is often considered good practice to include them in the Will to demonstrate that they were considered and help avoid any future contest.
- The executor(s). The executor is effectively the administrator of the Will. They need to gather the deceased’s assets, pay any outstanding debts or liabilities, complete income tax returns and distribute the remaining assets to the beneficiaries according to the Will. Also known as the legal personal representative.
- The body of the Will. This describes how the assets of the deceased are to be distributed.
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