Have you made your Will yet?
It is important to have an up-to-date Will in place to reflect your wishes upon passing, not only to ensure that loved ones are appropriately provided for, but to help avoid any disputes arising after you are gone.
You can choose to include any of the following clauses in your Will:
- the Will to survive your future or a subsequent marriage;
- appointment of guardians for children under 18 years old;
- specific gifts of property;
- cash gifts including to charities;
- division of assets in equal or unequal shares;
- funeral directions; and
- creation of minors trusts — which protects a minor’s inheritance until they turn 18 or a later age nominated by you.
Who can make a Will?
Generally, in order to make a valid Will, the will maker must:
- be over 18 years old;
- have a sound mind, memory and understanding (capacity);
- intend to make a Will;
- know and approve of the contents of the Will; and
- follow certain procedural formalities to establish the Will.
Who can be an executor?
An executor must be either:
- an individual;
- a licensed Trustee Company; or
- a Public Trustee.
What is the role of an executor?
The executor deals with the deceased’s person estate or assets. This includes:
- locating the original Will;
- assisting with and paying for the funeral;
- determining assets and liabilities;
- applying to Court for a ‘Grant of Probate’ (this is the legal document issued by the Court allowing the executor to deal with the estate);
- ensuring that all your debts are paid and any liabilities discharged;
- notifying beneficiaries of their entitlements; and
- distributing the assets in accordance with the terms of your Will.
If you have questions in relation to the above, or any other matters, please do not hesitate to contact our office on 1300 620 345.