Many people who start to work and earn incomes will accumulate some wealth, to support their families and for their retirements.However, they do not realise the importance of estate planning.Later on when they passed away, their spouses are left without clear ideas of what to do with the estate left behind.Thomas has worked for the past 10 years and earning a descent income, he has come to you for advice on how he should take care of the wealth he has accumulated.He has to support two children who are still in school and his parents.

(100 marks)

These are the areas Thomas would like you to explain to him:

a) Thomas wants to be enlightened about the concept of estate planning and its advantages to an estate owner. (10)

b) Who are the beneficiaries and fiduciaries? (10)

c) Who are trustees and what are their responsibilities and liabilities? (15)

d) Who are guardians and under what circumstances they are appointed? (10)

e) How is a personal representative created and what are his/her responsibilities? (15)

f)What is the difference between a will and a trust? (10)

g) Under what circumstances is the "power of attorney" required? (10)

h) What are business buy-sell contracts? (10)

i)What are the three areas governed by the Trustee Act? (5)

j)What is a Trust Deed? (5)