Introduction to Will, Probate, Administration and Living Will

Guide

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Description:

A quick reference guide on which template to use in relation to Will, Probate, Administration and Living Will.

1. Last Will and Testament with Spouse and Children - Last Will and Testament made by an individual with spouse and children. Give everything to spouse first, but if spouse died first, give all to children in equal share.

2. Last Will and Testament with Children and No Spouse - Last Will and Testament made by an individual with children but no spouse. Give everything to children and their descendants in equal shares.

3. Last Will and Testament with Spouse and No Children - Last Will and Testament made by an individual with spouse but no children. Give everything to spouse but if spouse died first, give everything to designated charity / in accordance with law of intestacy.

4. Last Will and Testament with No Spouse and No Children - Last Will and Testament made by an individual no children and no spouse. Give everything to siblings and their descendants, otherwise give everything to designated charity / in accordance with the laws of intestacy.

5. Enduring Power of Attorney – Individual Incapacitated – Financial Affairs - This POA for individual is to appoint an attorney to manage his / her financial affairs in case he /she becomes incapacitated / lack mental capacity to make decisions. This is in particular important in case of one spouse possessing all / most of the financial resources in the family.

6. Enduring Power of Attorney – Individual Incapacitated – Medical Decisions - This POA for individual is to appoint an attorney to make medical, health and care decisions in case he /she becomes incapacitated / lack mental capacity to make decisions.

7. Living Will - Advance Directives - Advance directives set out how the patient want to be treated if they become seriously ill and unable to communicate their wishes. In many jurisdictions, it must be witnessed by a medical practitioner and people who are not beneficiaries to the Will.

8. Statement / Letter of Wishes - Will and Testament - Statement / letter of wishes to provide general guidance to the executor and set out the reasons for distribution. While the document is not legally binding, it can have strong moral sway. This is particular important where there could be potential challenge to the will in case of unequal distributions.

9. Statement / Letter of Wishes - Trustee of Trust Fund - Statement / letter of wishes to provide general guidance to the Trustee on distribution of Trust Fund and set out the reasons for distribution. While the document is not legally binding, it can have strong moral sway.

10. Statement / Letter of Wishes - Medical and Care - Statement / letter of wishes to provide general guidance to the carer and set out any preferences on medical and end of term care. Whilst this may not be legally binding, carer will generally try to fulfil such wishes.

Document Type:

Checklist / guideline / manual / policy / procedures

Category:

Personal > Family / Personal Relationship > Will and Probate

 
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