Hall & Wilcox is committed to providing a straightforward, step by step process to achieve your succession planning goals. There are a number of points to consider in your succession planning.
Your Will is the essential part of your succession planning, as it sets out how your assets will be distributed on your death. There are a number of important parts to your Will.
Your executor is the person who administers your estate after your death. It is usual for couples to appoint their spouse as executor, and then to appoint their children (if they are able to act), or family members or close friends to act as alternate executors.
The alternate executors would only act if the first executor cannot act or has died.
Gifts to individuals or charities
You may want to make specific gifts to family members, friends or charities. These can be set out in your Will as specific gifts.
Your residuary estate
Your residuary estate is all of the assets left in your estate after paying your debts, funeral and other expenses, and any gifts.
You may consider passing your residuary estate to your spouse and then to your children or family members on the last of you to die.