2010 - 2017
Making a Will is not about wealth it is about making sure that what you want to happen to your estate does happen. It gives you the opportunity to specify such things as who will administer your estate, who will care for your children and who will receive specific items of your property.
Alternatively, the will may state that the named beneficiary takes the legacy `upon the trusts' or 'for the purposes' that have been made known to him. In that event, the gift is on a half-secret trust as the trust is referred to but not explicitly revealed.
On some occasions, a parent may leave money to the other children in the family simply on the basis that he trusts them to take care of their brother or sister. In other words, an absolute gift with no notion of a trust other than reliance on their compassion for their sibling.
Such an arrangement is fraught with potential difficulty and is best avoided.