Newfoundland Will

When you prepare your Newfoundland will you have to make two decisions: who do I want to leave my property to and who will be my executor. If you are not naming your spouse primary beneficiary and your children alternate beneficiaries, you should also designate an alternate beneficiary in case you are predeceased by the primary beneficiary. Your executor is responsible for gathering estate assets, paying debts of the estate and distributing the remainder to the beneficiaries under the will. This person should be made aware of the nature and location of your assets and extent of your debts. He should also be provided with a copy of your will and advised as to the location of the original.

When you create a trust in these wills (a trust is automatically created if any of your children are under the age if twenty-one upon your death), you also have to decide who you want to act as trustee of the estate created by the will. The trustee and the executor are the same person. In each of these wills, the trustee is instructed to use the income and principal for the benefit of the children. Upon their attaining twenty-one years of age the trustee is instructed to distribute to them the remaining income and principal.

After you complete your will you must gather two witnesses, age eighteen or over for signing. You must sign in front of the two witnesses and they must sign in front of you. None of the witnesses may be your spouse, your executor, or any person receiving benefits under your will. They should also initial each page except the last page which contains their signature.

These wills provide that the estate of one spouse will pass to the survivor. If both spouses die simultaneously all property passes to adult children. These are the most common wills written by lawyers.

You have the flexibility in these wills to make specific gifts of property. Mom can give her jewelry to her daughter and pop can give his gun collection to his son.

In these wills, the husband names the wife as his executor and the wife will name the husband as her executor. An alternate administrator should be designated in the event of simultaneous death of husband and wife. This person is normally the oldest child or the most trustworthy.

Each will is approximately five pages in length.

These are wills that provide that the estate of one spouse will pass to the survivor but provides for additional contingencies. If both spouses die simultaneously and the property passes to the children, a guardian will be appointed and a trust will be created and administered by a designated trustee for the benefit of any child who is a minor. The guardian and the trustee may be the same person.

The trust provides that the trustee will use the estate property for the use and benefit of the minors until each attains the age of twenty-one years at which time he or she will receive the amount of principal and income remaining in his or her share of the trust. The trustee should be a trusted friend or relative or could even be an adult child. Since the trustee has absolute discretion to make expenditures for the benefit of the minors you should also select someone who cares for the welfare of your children.

Keep in mind the age of the person you designate. You don't want to designate a guardian and trustee in their seventies who may not be around long enough to raise five or six year old children. You may also designate children by a prior marriage as beneficiaries.

You have the flexibility in these wills to make specific gifts of property. Mom can give her jewelry to her daughter and pop can give his gun collection to his son.

Each will is approximately five pages in length.

You may leave your property to your minor children and include a trust provision. These wills are commonly used by non custodial divorced parents who want to leave their estate to their children but prefer someone else manage the estate. However, you may designate the other parent as trustee if you choose. You should designate a trustworthy person who will manage the minors' estate until they attain whatever age you designate. Since the trustee has absolute discretion to make expenditures for the benefit of the minors you should also select someone who cares for the welfare of your children.

In cases where you only have one child you should designate an alternate beneficiary in the event your child does not survive the trust. Where two or more children are involved, these wills provide that upon the death of any child before attaining the designated age the remainder of the estate is evenly divided among the remainder of the children.

Each will is approximately five pages in length.

You may leave your property to your children and also select a guardian who will provide for them until they reach majority. These wills are more commonly used by single parents or where one parent predeceases the other. If you are divorced and have custody of your children you may still designate a guardian. However, you should consult a lawyer to determine the rights of your divorced spouse to custody of the children upon your death.

You should designate a responsible executor, who acts as trustee, who will manage the minors' estate until they attain the age of twenty-one years. Since the trustee has absolute discretion to make expenditures for the benefit of the minors you should also select someone who cares for the welfare of your children.

In cases where you only have one child you should designate an alternate beneficiary of your estate in the event your child does not survive the trust. Where two or more children are involved, these wills provide that upon the death of any child before attaining the designated age the remainder of the estate is evenly divided among the remainder of the children.

Each will is approximately five pages in length.