Grant of Probate
Wills are legal documents that give shape to your intentions after you are no longer around. The main functions of a will are described below.
Appointment of Key Persons
A properly drafted will should provide clear instruction as to who you wish to appoint in the following capacities:
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Executor - person in charge of executing all instructions in the will
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Guardian - person who will be providing parental care for minor children where there is no surviving parent
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Trustee - person who will manage assets for vulnerable beneficiaries i.e. minors or elderly
Handling of Assets
The main function of a will is handling the estate of the deceased. There are a few steps to this:
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Settlement of outstanding debts and liabilities
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Division of remaining assets to beneficiaries
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Instructions for certain vulnerable beneficiaries with regard to management of inheritance by trustee
Alternative Scenarios
The main function of a will is handling the estate of the deceased. There are a few steps to this:
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-
Settlement of outstanding debts and liabilities
-
Division of remaining assets to beneficiaries
-
Instructions for certain vulnerable beneficiaries with regard to management of inheritance by trustee
Schedule of Assets
The main function of a will is handling the estate of the deceased. There are a few steps to this:
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Settlement of outstanding debts and liabilities
-
Division of remaining assets to beneficiaries
-
Instructions for certain vulnerable beneficiaries with regard to management of inheritance by trustee