The following information will help your solicitor plan your estate and prepare a Will that reflects your wishes.
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Name in full
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Full name of spouse
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Address
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Telephone number
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Full names and ages of children
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Any disabled dependants
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Executor (usually the executor is your spouse or your children, but a friend, business associate, lawyer, or even a trust company, can be appointed as executor)
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Name of executor
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Address of executor
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List of assets
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Taxable income
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Distribution of estate when wife or husband survives
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Full name of beneficiary
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Relationship
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Amount of bequest or percentage of residue
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Distribution of estate in case of common disaster. (In those cases where the husband and wife both die as a result of a common disaster)
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Full name of beneficiary
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Relationship
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Amount of bequest or percentage of residue
(You may make further arrangements for dividing your assets, or setting up trusts for infant children)
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Specific items to be given to any beneficiary ( Item & Recipient )
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Guardianship: In the event of your spouse dying before you or at the same time, it is important to name a guardian for your minor children
Make an inventory of your assets and your liabilities.
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Determine what you want to do with your estate. This is usually a simple question: whom would you like to benefit from your estate?
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Consider the tax implications. Many times you can attain the same objectives and save a substantial amount in income tax simply through the wording of your Will. Your lawyer will assist you in this, if you provide a list of assets and information about your and your spouse’s annual income.
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After you have considered the tax implications, you may wish to reconsider the division of assets or the manner in which you distribute those assets.
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All of these questions should be reviewed with an experienced solicitor, who can advise you and make helpful suggestions when planning your estate and preparing your Will.
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