Lecture 2 - Wills

7/25/2019 Lecture 2 - Wills

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LECTURE 2

Wills Main clauses; Execution

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Appointments

See clause in precedent for analysis

Executors Trustees

Executor! administer estate accordin" to Will

# $as po%er of sale &y la%

Trustee! $old le"al title to estate; to follo% directionsof trust 'Will(

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Appointments

Executors TrusteesW)o *ualifies to &e appointed+

# Can &eneficiary &e+

$o% many are needed desira&le+

# W)y , is not safe- &ut also a.oid "ridloc/

W)o s)ould a testator appoint+

Remuneration

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W)ere Will does not appoint an

executortrustee or appointees are incapa&le

0ossi&le scenarios+

0roperty does not .est in t)e executor

Court must appoint persons to administer t)e

estate

Apply for letters of administration %it) Will

annexed


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Appointments

1uardians

f minor c)ildren

May act %it) any sur.i.in" natural parent; if t)ere is

none- %ill act alone

ss3 4 5 6 1uardians)ip of 7nfants Act

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8ispositions of property

T)is is %)ere you %ill &e sued if you draft

incorrectly or any "ift fails &ecause of poor

draftin" execution

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0roperty disposa&le &y %ill

%ned &y testator

# real

# 0ersonalty

E*uita&le interests e3"3 ri")t to exercise option to

purc)ase realty

Certain choses in action9 a ri")t to sue for dama"es;

copyri")t

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Some considerations!

9Are t)ere any

statutory or commonla% restrictions on%)at )e %ants to do+:ointly o%ned

property+ Central0ro.ident undmonies+

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W)at if t)e intended &eneficiaries predecease

)im+ W)o is to ta/e t)ose "ifts t)en+

Ad.ise on %)et)er intended "ift accords %it) )isintentions e3"3 lump sum .ersus annuity

Encum&ered "ifts e3"3 property %)ic) ismort"a"ed3 W)o is to disc)ar"e t)e loan 9 t)e

estate or t)e &eneficiary+

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7mmediate le"acies to sur.i.in" spouse anyot)er person+

1ifts to minors 9 %)o is to )old pendin" ma


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0ro.idin" for

&eneficiary pre9

deceasin" or dyin"a&out t)e same time

as testator

s3 => Ci.il La% Act

Commorientes

clause

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1ifts to c)arities for c)arita&le purposes

To particular or"anisation

# c)ec/ if re"istered as a c)arity under C)arities Act;

# pro.ide for c)an"e of name; acti.ities+

# any particular purpose e3"3 for certain acti.ities 9 state so

# release trustee once money paid o.er

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or a particular c)arita&le purpose

# e3"3 for ad.ancement of education; for t)e poor

7f c)arita&le!# can o.ercome some rules e3"3 t)e rule a"ainst

purpose trusts

# can &e tax exempt

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8ispositions Assets outside Sin"apore+

Mo.a&les# pass accordin" to t)e la% of t)e place of domicile 9domicile in Sin"apore 9 can pass &y Will or intestacy

7mmo.a&les# pass accordin" to t)e la% of t)e location of t)e land9 e.en if domiciled )ere- may not &e a&le to %ill it

a%ay must follo% la%s of t)at place

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8ispositions 'cont?d(

@er&s to use %)en disposin" property!

# 7 "i.eB

# 7 de.iseB

# 7 &e*ueat)B

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8ispositions 'cont?d(

Failure of gifts

T)is refers to a "ift in a

Will not &ein" a&le to

.est in t)e intended

&eneficiary3

Consider! 7f a "ift fails-

%)at %ill )appen to t)atasset+

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8ispositions 9 ailure of "ifts

Lapse of "ift!

# 1eneral rule is t)at &eneficiary '( must &e ali.eat t)e time of t)e testator?s 'T?s( deat)3 T)ereforeif predeceases T or dies at t)e same time 'su&- Ci.il La% Act(- does not "et anyt)in"

# Exception s3 24 WA 9 %)ere is a c)ild or ot)erissue of T- and lea.es issue

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8ispositions 9

ailure of "ifts

8isclaimer &y - i3e3

refuses t)e "ift due

to!# conditions of "ift

# tax implications

# personal reasons

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8ispositions 9ailure of "ifts

1ift in.alid for offendin" t)e rule a"ainst

perpetuities

# 1ift ta/es too lon" to .est a&solutely

# s3 =2 Ci.il La% Act '2>>D amendment( ,>> yearsperpetuity period

Estate is insol.ent

# Lia&ilities exceed assets

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Residuary Clause and 1ift .er

Residue consists of !

# Undisposed part of estate3 All assets not

specifically dealt %it) %ill &e collectedB in t)is

clause3#Assets ac*uired after t)e Will

1ift o.er 9 in case "ift to intended , fails- t)en

pro.ide for 2 to ta/e3

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0o%ers and 8irections to Trustees

Trustees Act already "i.es po%ers

To reiterate t)at Trustees can decide in t)eirdiscretion %)en and )o% to- e3"3!

# sell assets

# c)oose in.estments- if necy

# distri&ute property

# continue runnin" a &usiness

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Will Su&stitutes

t)er %ays to "i.e property a%ay# life insurance policy

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C0 Accounts

Sections 2F 5 24 Central 0ro.ident und Act 'Cap3=4(

Gomination of a person persons to recei.e C0

monies after deat) of mem&er

C0 monies de.ol.e apart from %ill

Go nomination made 9 monies .est in 0u&licTrustee3 7ntestacy rules apply

C0 in.estments can %ill a%ay+

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Attestation and Testimonium

Testimonium 9 T declares )e )as si"ned

Attestation 9 Witnesses declare t)at!

# T si"ned in t)eir presence

# T)ey si"ned in )is presence and in eac) ot)er?s

presence 's3 4 WA(

7nterpretation clauses+

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Gon9En"lis) Spea/in" Testators

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Translated and explained in Mandarin/Tamilto the testator by _____________, a paralegal/solicitoron the (date) who indicated that he/she fully

understood and consented to the contents herein

Signature of interpreter

#Thumbprints and signing on behalf of testator

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Execution

s. 6(2) WA

T to sign at the foot of the will

in front of 2 or more

witnesses present at thesame time

these 2 or more also sign inTs presence at the same time

It is sufficient if the testator couldIt is sufficient if the testator could

have seen the witnesses sign theirhave seen the witnesses sign theirnames had he chosen to looknames had he chosen to look3

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T)e %ill is notproperly executed and t)us

voidif!9

# one of t)e %itnesses lea.es t)e room &eforet)e intended testator completes )is si"nature3

# t)e testator is not present %)en t)e t%o

%itnesses su&scri&e t)eir names3

Execution

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Execution

W)y si"n at foot of Will+

# s3 4'D( WA

# W)at if Will runs for se.eral pa"es+ W)ere s)ould

testator si"n+

7ncompetent %itnesses+

# s3 H WA

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Execution ! 7nstances of 8ou&t

0ossi&le c)allen"es toexecution of Will!

0osition of si"nature;inter.enin" spaces 9see s3 4'=( WARe Advani I,HJJK SLR

2FJ

Amendments

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Execution ! 7nstances of 8ou&t

0ens

T)um& print

lan"ua"e signing in

language other than

English

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Execution

C)oice of %itnesses

Go special *ualifications

s3 ,> WA 9 &eneficiary

spouse of &eneficiary 9t)at "ift is .oid

W)at if anot)er 2

%itnesses s3 ,>'=( WA

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Execution

0lace+

7f outside office- execution to &e super.ised

After execution+

# ri"inal# Copies

# 7nform Wills Re"istry '7nsol.ency 5 0u&lic Trustee?sffice(

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ormal @alidity

Execution of t)e %ill+s3 F WA 9 Willsexecuted in ot)ercountries or &y

forei"ners+@alid &y t)e formalre*uirements ofcountry of execution-

domicile nationality )a&itual residence

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Updatin" t)e Will

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Gext Lecture

7ntroduction to 0ro&ate and

Letters of Administration

Lecture 2 - Wills

Documents

Transcript of Lecture 2 - Wills