DRAFTING INSTRUCTIONS: [DRAFTING INSTRUCTIONS APPEAR IN GREEN. DELETE THESE INSTRUCTIONS WHEN YOU HAVE COMPLETED DRAFTING YOUR WILL]

Transcription

1 Will Single Person DRAFTING INSTRUCTIONS: [DRAFTING INSTRUCTIONS APPEAR IN GREEN. DELETE THESE INSTRUCTIONS WHEN YOU HAVE COMPLETED DRAFTING YOUR WILL] Insert the names of relevant people at the parts shown in square brackets throughout the will eg: [NAME] Testator: the person signing the will Executor: the person or people who you choose to administer your will after you die. Page 0

2 THIS IS THE LAST WILL AND TESTAMENT of [NAME] of [ADDRESS]. 1. I HEREBY REVOKE all former wills and testamentary dispositions previously made by me AND DECLARE this to be my last will and testament. 2. In this will the word children includes a child. 3. Where any gift herein is made to a person who does not survive me for a period of 30 days the gift is to be treated as if that person died before me. 4. In this will any gift, which depends on the beneficiary surviving me by a specified period or attaining an age does not vest unless the beneficiary survives or attains the age specified. Income produced by the gift after my death and before vesting accumulates to the gift. 5. I appoint as my executor and trustee [NAME] unless unable or unwilling to act or continue to act in which event I appoint [NAME] instead AND I DECLARE that the expression my trustees when used in this will and where the context permits means and includes the executor or executors and trustee or trustees for the time being of my will whether original surviving substituted or additionally appointed. 6. Gifts to my trustees are not dependent on them acting as executors or trustees. 7. My trustees hold my estate on trust: (a) To sell, call in or convert into money any part of my estate and pay any and all death estate or succession duties, debts, legacies, funeral and testamentary expenses and any other costs fees or expenses associated with my death or the administration of my estate; (b) (c) (d) To give to [NAME] the sum of $[AMOUNT] provided they survive me and if not this gift will form part of the rest and residue of my estate; [DELETE IF INAPPLICABLE] To give the rest and residue of my estate equally between those of my children who survive me and attain the age of 18 years provided always that should any of them not survive me to take under this my will leaving children living at my death then such children having attained the age of 18 years will take by substitution and if more than one equally the share in my estate which their parent would otherwise have taken; And further provided that in the event that no person attains a vested interest under the preceding trusts then my trustees will hold the rest and residue of my estate UPON TRUST to give to [NAME]. 8. My trustees may in their discretion: Page 1

3 (a) Exercise any powers given to them by law and have all the powers authorities and discretions of a natural person, including but not limited to the power to invest and change investments freely as if they were beneficially entitled to them; (b) Apply for the maintenance, education (including travel to broaden the mind), advancement or benefit of a beneficiary the whole or any part of the capital and income of that part of my estate to which the beneficiary is entitled or may in future be entitled; (c) Make a payment or payments to a minor beneficiary s parent or guardian or a person with whom the minor beneficiary resides and accept the receipt of that payee as an absolute discharge; (d) Make loans to beneficiaries on whatever terms; (e) Acquire or lease property for occupation, use or enjoyment by a beneficiary (whether alone or with some other person or persons); (f) Sell, lease, exchange, transfer to a beneficiary or otherwise dispose of property in my estate in the terms they consider expedient as though they were absolute beneficial owners; (g) Without the consent of any beneficiary, appropriate any assets of my estate at their value in or towards the satisfaction of a legacy or a share of any person in my estate; (h) Do all such acts and things in relation to the affairs of any company in which my estate is or may become interested or concerned; (i) Borrow money, either with or without giving security, and enter into any mortgage, charge, bill of sale, lien or security over any part of my estate; (j) Maintain, repair, improve, develop, alter, renovate, pull down, erect or re-erect any part of my estate; (k) Maintain, take out or participate in any policy of insurance or superannuation scheme; (l) For any reason, for instance to allow an early distribution of residue, set aside out of my estate a fund sufficient to meet all debts, charges, taxes and other liabilities of my estate; Page 2

4 (m) Carry on, either alone or in partnership with any person or persons the whole or part of any business in which I am engaged or interested at my death until such time as administration of my estate is finalised, and in this respect I direct my trustees to apply for a grant of letters of administration in order to get in the goods, pending a grant of probate, if necessary; (n) Enter into a formal trust deed in order to provide for any trusts created by this my will, including the power to appoint any additional trustees and any costs, fees, duties or other expenses consequent upon the establishment of such trust deed will be borne by my estate; and (o) Hold all or part of any superannuation death benefits paid to my estate in a separate superannuation proceeds trust upon and subject to the rights and powers herein created for any of the beneficiaries under this my will who qualify as death benefit dependants pursuant to the Income Tax Assessment Act 1997 in such proportions as my executors may determine provided that my estate is divided between all the beneficiaries of my estate in the proportions that accord with my wishes expressed herein. Dated [DATE] Testator The testator signed in the presence of both of us being present at the same time, and we attested their signature in the presence of them and of each other. Witness Full name: Occupation: Address: Witness Full name: Occupation: Address: Page 3

5 DRAFTING INSTRUCTIONS: [DELETE THESE INSTRUCTIONS WHEN YOU HAVE COMPLETED DRAFTING YOUR WILL] The signing instructions that follow do not form part of your will. Print them out for convenience, then discard them. Will Signing Instructions How to Sign your Will 1. You must sign and date your Will in the presence of two witnesses at the same time. It is best that all three persons use the same pen as proof of the fact that they were together at the same time. a. Your witnesses should not be beneficiaries or potential beneficiaries under your Will. There is a presumption at law that a beneficiary who has also witnessed a Will may have used undue influence in order to obtain a gift in the Will. The law therefore invalidates gifts to beneficiaries who serve as witnesses. The same applies to spouses of beneficiaries. b. Subject to the above, your Will can be witnessed by anyone who is of sound mind and at least 18 years old. 2. You should review your Will in the presence of your witnesses, then sign it on the last page and the foot of every page, using your normal signature. Take care not to miss any pages. Then write the date on your Will. a. Both witnesses must see you sign your Will. They also need to see each other sign as witnesses. This requires you and your witnesses to be present at the same time. b. Your witnesses should view every page so they can confirm, if asked, that there were no amendments when you signed your Will. They do not, however, need to read the Will or know what it says. 3. After you have signed and dated your Will the first witness must then sign at the bottom of each page and at the end of the Will immediately below the attestation clause in the space provided. The second witness then follows this same procedure. The witnesses should include their full names, occupations and addresses so they can be located in the future if it becomes necessary for them to verify that you signed the Will. You should confirm that each witness has signed where required. Do this while they are all still in the same room. Finally, make sure all pages of your Will are stapled together. Storing Your Will Keep your Will in a safe place and tell your executors where you have put the original. You may also consider giving your executors a copy of the Will. There is no requirement to register your will or do anything else with it. Page 4