Most people will say they need a simple Will that is cheap and simple. Actually, writing a Will is not just to distribute your assets, the Will must be able to function, protect and provide liquidity when need arises in the future. These are the areas that I will consider before drafting a Will for my clients.
When there is minor, property can not be sold until all the joint owners are above 18 years old. Thus, if you just give you house to two minors equally, no sale or transfer can be done until both are above 18 years old, thus, in this scenario, it is best state clearly that Trustee has the power to sell to raise fund should need arises.
When the age gap between children are big, there is a need to create a 'Trust Fund' in the Will, this ensure the younger children are able to have enough moneys to pay for their maintenance and medical expenses through the 'Tust Fund'.
By holding back some moneys in you bank accounts in the form of a 'Trust Fund', you are indirectly protect your moneys to ensure all your children are taken care of and is fair to all your children.
Writing a Will that function is one of the most important goal we want to achive for our testator. The Will must protect the assets, ensure there is liquidity when need arises, fair to all children especially when there is minor anmed in the Will.
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