Will Drafting

Question 1

What should be added on an opening of a will?

Answer 1

Date

Full name and address of testator

Question 2

How many executors can apply for grant of probate?

Answer 2

4 executors can apply.

Minimum number to appoint is 1 although it is advisable to appoint 2 executors

Question 3

Who can be appointed as an executor?

Answer 3

1. Individuals who are not professionals e.g. family/friends
2. Solicitors
3. Banks or other trust corporations

Question 4

What’s the difference between pecuniary and specific legacies?

Answer 4

Pecuniary - gift of money

Specific - gifts of specific assets which the testator owns

Question 5

How should the beneficiary be stated in the will?

Answer 5

Name and address

Relationship to the testator

Question 6

What powers can you include in all wills?

Answer 6

(A) power to charge - for time spent on administration.
(B) extended power to appropriate assets without consent - can allow a beneficiary to take something else that has the same value of their legacy.
(C) power to ensure assets against all risks.
(D) power to accept receipts from or on behalf of minors.
(E) self-dealing - cannot enter into a transaction that has an interest conflict

Question 7

What powers can trustees have?

Answer 7

Invest trust money.

Purchase land for investment/occupation by a beneficiary.

Sale personalty.

Use income for maintenance of beneficiaries.

Use capital for the advancement of beneficiaries.

Question 8

How can beneficiaries have control over trustees?

Answer 8

If they are 18 or over with full capacity and entitled to the whole fund, they may direct the trustees to retire and appoint new trustees of their choice.

All beneficiaries need to agree.