How do I split my estate (based on the net market value) equally between two parties whilst specifically giving a property to only one of them?
Let’s take an example of two beneficiaries: Beneficiary A and Beneficiary B. A does not have his own property and stays with the Testator while B currently owns his own property. The Testator would want to pass down his property to A, but at the same time ensure that B gets an equal share of the estate.
The Testator would need to consider the possibility that the property is worth more than the rest of his estate combined. In this case, let's say the Testator's decision is for the property to A with everything else going to B.
To achieve this,
- In the Allocate Assets tab, for all assets (including the property), leave it as “No specific allocation”
Example:
- Under Allocate Residual Assets, put 50%-50% for the A & B.
Example:
- In the Select Clauses tab, toggle on Other Instructions and key in the following (to edit the details in {} accordingly):
My {Relationship}, {Name}, {Identification number/details}, is to receive my {Property type} at {Address}. Based on the net market value of the {property type} at the point of my demise, my {Relationship}, {Name}, {Identification number/details}, is to receive an equal value worth of my estate.
Any remaining estate is to be distributed EQUALLY between {Relationship}, {Name}, {Identification number/details}, and {Relationship}, {Name}, {Identification number/details}.
My intention is for my estate to be distributed equally (based on the net market value of the assets at the point of my demise) amongst my {Relationship}, {Name}, {Identification number/details} (whose share includes the said {Property type}), and my {Relationship}, {Name}, {Identification number/details}.
In the event that the said {Property type} is worth more than the rest of my estate combined, my {Relationship}, {Name}, {Identification number/details}, shall receive the said {Property type} while the rest of my estate shall be given to my {Relationship}, {Name}, {Identification Number/details}.
Example:
