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Estate Planning

Where there’s a will there’s a way.

I am often asked by people about the importance of doing their will and I always respond with the advice that even if you do not think that you own anything you must have  will. My will is important.

Administration and Probate Act

Consider that if you don’t the provisions of the Administration of Probate Act will distribute your estate according to the law. Section 52 is a great read and is as follows:

(1)     Where a person in respect of his or her residuary estate dies intestate (without making a will-my emphasis) then subject to the provisions of section 51 and 51A the following provisions shall have effect with respect to such estate:

(a)         If the intestate leaves a partner she or he shall be entitled if the intestate leaves any issue to one-third of such estate;

(b)          If the intestate leaves a father and a mother but no partner or issue such estate shall be distributed equally between the father and the mother;

(e)          If the intestate leaves a father but no partner or issue or mother the father shall be entitled to such estate;

(ea)        If the intestate leaves a mother but no partner or issue or father the mother shall be entitled to such estate;

(f)           Subject to the above-mentioned rights such estate or the portion thereof to which these rights do not extend shall be distributed in equal shares among the children of the intestate living at his or her decease and the representatives then living of any children who predeceased the intestate or if there are no such children or representatives among the next of kin of the intestate who are in equal degree and their representatives: Provided as follows:

(i)            Where a child has any property real or personal or any estate or interest therein by settlement of the intestate or was advanced by the intestate in his or her lifetime that child or his or her representative shall bring such property estate interest or advance into account in estimating the share (if any) to be taken by him, her or them in the distribution;

(ii)           Except as hereinafter provided the children of any person who died before the intestate shall take only the share which that person would have taken if living at the death of the intestate and if more than one shall take the same in equal shares;

(iii)          No representation shall be admitted among collaterals after brothers’ and sisters’ children;

(v)          Brothers or sisters or when they take as representatives brothers’ or sisters’ children shall take in priority to grandparents;

How to make your own

Making a will is a simple task you need to know the full name and address of all parties who are:

1. The person making the will

2. The spouse or partner

3. The children

4. The executor and trustee who administers the will

5. who you want to give gifts to details

6. who will be the guardian of your kids

Then all you need do is tell your legal advisor what you would like to happen and in now time you have your will done and dusted.