Page 36 - Estate Planning Documents

INITIAL ADMINISTRATION

5. Initial Administration

5.1 My Executor shall, subject to its powers set out the Powers of the Executors and Trustees
Schedule, sell, call in or convert into money any part of My Estate and, subject to the
succeeding subclause, pay any debts, funeral and other expenses, costs or fees associated
with my death or the administration of My Estate (“Testamentary Expenses”).

5.2 My Executor shall then deal with the balance of My Estate remaining after the payment and
discharge of Testamentary Expenses in accordance with the remainder of this Will.

5.3 In the event of My Estate’s insolvency, My Executor shall not be required to use any payments
that are paid into My Estate to pay my creditors that are exempt from being “property divisible
amongst creditors” under section 116 of the federal Bankruptcy Act 1966.

BENEFICIARIES OF MY ESTATE

6. Gift of Jewellery

I give all my jewellery held by me at the date of my death ON TRUST for AMIE LOUISE WARD
to be distributed equally to my children SONNY IVOR JONES and BROCK MICHAEL JONES who
survive me and attain the age of 25 years, and if more than one in equal shares as tenants in
common.

7. Main Residence

7.1 If my spouse GARY DAVID JONES survives me by 30 days, My Executor shall hold the Main
Residence (“the Main Residence Fund”) on trust for GARY DAVID JONES (“the Main Residence
Life Tenant”) as the Main Residence Life Tenant in accordance with the provisions of the Main
Residence Terms Schedule, unless My Executor, with the consent of GARY DAVID JONES
decides to distribute the Main Residence as part of the Residual Estate in accordance with the
succeeding clause.
7.2 For the purposes of the preceding subclause, I bring My Executor’s attention to the clause
headed “Discretionary Power to limit Life Interest” in the Main Residence Terms Schedule
which allow them to limit the Main Residence Life Tenant’s interest in the Main Residence (or
a Substituted Residence as the case may be) to a mere personal right to reside in the property

during the Residence Term.
7.3 If the Main Residence Life Tenant survives me by 30 days, at the end of the Main Residence
Term (as defined in the Main Residence Terms Schedule), the remaining Net Income and
capital of the Main Residence Fund shall devolve in accordance with the remaining clauses of
this Will.

7.4 If the Main Residence Life Tenant does not survive me by 30 days, then this clause shall lapse
and the Main Residence Fund shall be dealt with in accordance with the remaining clauses of
this Will.

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