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Standard clauses in the Will

guideApr 13th, 2022
2 min read

There are two sections in the Will which are standard provisions. We will explain in more detail here why those clauses are included.

Administration of my Estate

This gives the executors/trustees power to postpone sale of your assets if required, and to pay off any debt, inheritance taxes or expenses, such as your mortgage or attorney fees for probate from your estate. It defines what “residuary estate” is to make sure that all your assets are covered in the Will to avoid intestacy laws applying to any of your assets.

Administrative Provisions

Your executors and trustees (“trustees”) are regulated by the respective trust laws in the country where the Will is being submitted for probate. They are restricted within the provisions of those laws and may not have the full flexibility to manage your estate when certain situations arise.

It is therefore common to add some standard clauses to give your trustees the freedom to manage your estate in certain situations. The following are descriptions of what those clauses mean in our online Will.

(a) & (b) The trust laws give your trustees the power to make relatively conservative investments only. To enable them to have more flexibility to invest, it is usual to extend their powers and include specific power such as buying property for the beneficiaries to live in.

(c) & (d) These clauses allow your trustees to use your income and/or capital for the benefit of the beneficiaries in the Will ahead of time, and at the discretion of the trustees.

(e) As your trustees have power to insure your assets against any risks, we have added to allow the premium to be paid out of the income and capital of your residuary estate.

(f) This gives the trustees the flexibility to exchange gifts and cash if the beneficiaries desire to do so.

(g) This is to ignore the rules of apportionment if applicable, to avoid complex calculations.

(h) Your trustees can exercise their powers as trustees even though they may be personally interested in your estate as the beneficiary.

(i) Your trustees can use the income and capital of your estate to maintain and improve any of your properties.

(j) Your trustees can have the right to deal with any of your digital assets, so they can retain any information online which may be of value to your family.

Others - If you have given away any charity gifts, then a clause would be added to ensure that there is a proper discharge of receipt. If there is any hiccups with the gift i.e. the charity no longer exists, then your trustees can still give the gift away to a related charity.

If you would like to have some clauses removed, then you can contact us directly.

Please note that our online Wills are standard for all clients, we will not be amending individual wordings in any of our clauses unless they are due to mistakes

Please note that our online Wills are standard for all clients, we will not be amending individual wordings in any of our clauses unless they are due to mistakes

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NobleWills is a will writing service. Although NobleWills is comprised of qualified lawyers, we are not a law firm, tax advisor, nor a substitute for a lawyer’s advice about complex estate planning issues.