What is a Executor in a will?
Who do you want to appoint as executors of your will?
Your executors are people you appoint in your will to follow the instructions you set out in your will. Their tasks include: arranging your funeral, taking control your assets after death, attending to all paperwork, paying your debts and then distributing the gifts as you have outlined in the will.
Things to consider when choosing an executor:
- One to four people can be executors at any one time.
- You can appoint the people you are giving assets to, would they be able to handle the job of executor.
- There is a lot of administration and paper work. You want to appoint someone who can do a good job of paperwork, has the time and is very trust worthy with money.
- If children are receiving the assets then who would have their best interests at heart.
- It is a good idea to name a few executors in case your first choice is not available.
Do you own your home jointly or as tenants in common?
Jointly means if one of you dies, the property passes automatically to the survivor. Tenants in common means you each own a percentage that you can gift how you please. This information is specified on the title for your home. You may have received a confirmation of the registration when you purchased your home showing this information.
Superannuation – Do you have superannuation?
Superannuation benefits are held in a trust. On death the trustee of the trust determines who will receive the death benefit unless there is a valid Binding Death Benefit Nomination in place. If there is a Binding Death Benefit Nomination then the death benefit will be paid to the person nominated. Superannuation death benefits can only be paid to spouses, children, dependants or the estate of the deceased person. There are different tax implications depending on who receives the death benefit. We can assist you with these issues if you provide us with information regarding your superannuation.
What are guardians in a will?
If you have children under the age of 18 years, who would you appoint to make decisions for them in regard to whom they live with and where they go to school? In other words, who would you appoint as their guardian?