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Last Will and Testament made by an individual with children but no spouse. Give everything to children and their descendants in equal shares. The Will must be executed as a deed in front of 2 witnesses (some jurisdictions may require 3, please consult your local lawyer) who are not beneficiaries to be valid. Please inform your executors on where you are keeping the original Will.
The Donor of the Will appoints an Executor and Trustee of the Will, and if the person is unavailable, unable, or unwilling to serve, provided that there should be at all times one (1) Executor and Trustee of this Will, in the following order of priority of a list provided by the Donor, as alternate Executor and Trustee. The Executor and alternate shall have all powers granted by applicable laws to carry out all provisions of this Will, may use provisions and procedures for the simplified handling of estates, may hold in trust the share of any minor Beneficiary until the age of consent.
Immediately following the death of the Donor, the Executor and Trustee will be authorised to exercise all provisions of this Last Will & Testament and to use the assets from the estate to make necessary arrangements, without any unnecessary delay, for the following items:
(i) To pay personal debts, obligations, expenses of the last illness, administration of the estate, funeral, and testamentary expenses.
(ii) To pay inheritance tax (if any) in respect of property passing under the Will.
(iii) To pay, transfer, and assign the residue of the estate to the Beneficiaries.
None of the Executor(s) or Trustee(s) shall be liable for any act or omission of his or hers or for any act or omission of any agent employed in the administration of the estate or in the execution of the trusts hereunder nor for any act or omission of any co-exectuor, any co-trustee or any co-personal representative save and except for any act or omission involving wilful fraud or dishonesty committed by the Executor or Trustee or Personal Representative sought to be made liable.
In the event the Donor is the sole surviving parent or guardian of minor children, a Legal Guardian and an Alternate Guardian will be appointed. The Executor is to distribute a share of the estate given to a minor Beneficiary, up to the whole thereof, to a Guardian, if in the Executor’s discretion, it is in the best interests of the Beneficiary.
Having a Will has several advantages. You can distribute your assets as you wish and appoint Executors you trust to manage your assets.
This document should be carefully read by the Hong Kong resident and the Executors.
You should sign and return a copy. Your signature should also be witnessed.
The Executors, Beneficiaries, and Guardians should all be clearly stated.