Beneficiary: Person entitled to receive assets from a testator/testatrix's estate.

Bequest: Specific item left to someone under a Will - e.g. an item of jewelry, a painting, etc.

Estate: Term used to generally describe testator/testatrix's possessions, assets and affairs on death.

Executor: Male person appointed to handle the testator/testatrix’s affairs on death. Female person appointed is called Executix.

Legacy: Amount of money left to someone under a Will. Person left an amount of money under a Will is called Legatee.

Residue: Remainder of assets once any specific bequests, legacies, expenses, etc have been paid. More often, it is called Residuary Estate.

Testator: Male person making a Will. Female person making a Will is called Testatrix.

Trustee: Another term used for the Executor holding assets in trust for a beneficiary of the Will.

This scenario illustrates how Jane Lee's will ensures that her assets are distributed according to her wishes, providing clear instructions on the division of her real property, cash, and remaining assets. It also highlights the importance of appointing an executor and considering guardianship arrangements if applicable.

Background

Jane Lee, a 65-year-old retiree, is drafting her will. She has two children, a son named Alex and a daughter named Emily. Jane wants to ensure that her assets are distributed according to her wishes after her death.

Assets

• Real Property: A house in Kowloon, Hong Kong, solely owned by Jane.
• Cash in Bank: HK$1,500,000
• Remaining Assets: Personal belongings, investments, and any other miscellaneous assets.

Will Content

Distribution of Real Property

Jane decides that her house in Kowloon will be divided equally between her two children, Alex and Emily. Each child will inherit a 50% share of the property.

Distribution of Cash

Jane specifies that her cash in the bank, totaling HK$1,500,000, will be divided as follows:

• 1/3 (HK$500,000) to Alex
• 2/3 (HK$1,000,000) to Emily

Distribution of Remaining Assets

All remaining assets, including personal belongings, investments, and any other miscellaneous assets, will be given to her daughter, Emily.

Example Will Content

This is the Last Will and Testament of Jane Lee:

1. Real Property:

   • I bequeath my house located in Kowloon, Hong Kong, to my son Alex Lee and my daughter Emily Lee, to be divided equally between them. Each shall inherit a 50% share of the property.

2. Cash in Bank:

   • I bequeath the sum of HK$1,500,000 in my bank account to be divided as follows:
     • HK$500,000 (1/3) to my son Alex Lee.
     • HK$1,000,000 (2/3) to my daughter Emily Lee.

3. Remaining Assets:

   • I bequeath all my remaining assets, including personal belongings, investments, and any other miscellaneous assets, to my daughter Emily Lee.

4. Executor:

   • I appoint my brother, Thomas Lee, as the executor of this will. In the event that Thomas Lee is unable or unwilling to serve as executor, I appoint my friend, Linda Wong, as the alternate executor.

5. Guardianship:

   • If applicable, I appoint Emily Lee as the guardian of any minor children I may have at the time of my death.

6. Residue Clause:

   • Any residue of my estate not specifically mentioned above shall be given to my daughter Emily Lee.

Signed by: Jane Lee

Date: [Insert Date]

Witnesses:

1. Name: [Witness 1 Name]
   Signature: [Witness 1 Signature]
   Date: [Insert Date]

2. Name: [Witness 2 Name]
   Signature: [Witness 2 Signature]
   Date: [Insert Date]