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This will is intended for only a single parent with 1 or
more children.
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What this will does. This will enables you, a
single parent, to appoint executors (for example your parents, brothers or
sisters or friends) and your children's guardians. It assumes you will
leave your whole estate to your children equally. You can make a
direction about your funeral arrangements if you wish (optional).
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If you have more than 1 child then the will assumes that if
any of them die before you then your estate is divided equally between the
surviving child/children. (eg 2 children share 50:50 but if 1 dies
before you the surviving child takes all. Or if 3 children share 1/3
each, then 2 share 1/2 each).
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Because of these assumptions YesTor have kept the price of
this will to a minimum £15.
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Executors - Those who manage
your estate after you die. Married couples usually appoint each other
as sole executors. However you may chose to appoint each other with
others. This is a personal decision and you should decide for
yourselves what choices to make.
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You should get proposed executors agreement to act before
you appoint them. The will form guides you through the appointment
process.
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Your appointed executors will also be your trustees.
For example when your children inherit and 1 or more is under 18 special
legal rules apply. These wills provide for children to inherit when
they reach 18. So a child under 18 (minor child) has to wait to
inherit. What happens to their share (presumptive share) during
the waiting period? Put simply it is held in the name/s of the
executors and trustees on their behalf. Usually in interest bearing
accounts or gilts (your executors may need to seek advice on this).
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In some circumstances you may wish to appoint accountants,
solicitors or banks as your executors and trustees. YesTor supply
standard and the more typical wills. These wills do not provide for
the appointment of professional executors or include the special charging
clauses that will be included. If you feel you may require more
complicated wills, perhaps because you have substantial assets or more
complicated tax affairs then you should seek your own detailed professional
advice.
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Guardians - Only if you have any children under 18
now do you need to appoint guardians. Guardians are the people whom
you wish to actually look after your minor children if you have both died.
(If 1 of you dies no guardians are appointed). You will need to speak
to the proposed guardians and obtain their agreement first. It is
possible to appoint guardians as executors as well.
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In this will you can appoint 1 or 2 guardians.
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Single parent guidance notes for an
EPA
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You may already understand what an Enduring Power of
Attorney is. If not then please read the plain English
YesTor guide. There is a
more detailed explanation
as well.
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The person who makes the EPA is called the donor. You
are the donor and appoint attorney/s.
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You may choose one attorney or
more than one. If you choose more than one, you must decide whether they
are able to act:
- Jointly (that is, they must all act together and cannot act separately);
or
- Jointly and severally (that is, they can all act together but they can
also act separately if they wish).
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If you give your attorney(s) general power in
relation to all your property and affairs, it means that they will be able
to deal with your money or property and may be able to sell your house.
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If you don’t want your attorneys to have such wide powers,
you can include any restrictions you like. For example, you can include a
restriction that your attorney(s) must not act on your behalf until they
have reason to believe that you are becoming mentally incapable; or a
restriction as to what your attorney(s) may do. Any restrictions you choose
must be written or typed where indicated on the form.
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If you are a trustee (and please remember that
co-ownership of a home involves trusteeship), you should seek legal advice
if you want your attorney(s) to act as a trustee on your behalf.
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Unless you put in a restriction preventing it, your
attorney(s) will be able to use any of your money or property to make any
provision which you yourself might be expected to make for their own needs
or the needs of other people. Your attorney(s) will also be able to use
your money to make gifts, but only for reasonable amounts in relation to the
value of your money and property.