Codicil to change Executor in your Will

  • Codicil to change Executor in your Will

  • $77 incl. GST

  • Change the Executor of your Will with a codicil.

    This Codicil replaces the Executors in your Will. This is without changing your actual Will. Your Wills stays the same, except you have a different Executor. You may wish to change the Executor for a number of reasons:

    1. 1. you are no longer with your partner
    2. 2. your Executor has died or got too frail to do the job
    3. 3. sack the Public Trustee or State Trustee of Victoria
    4. 4. remove the lawyer named as an Executor
    5. 5. sack a professional trustee company. (Including: Australian Executor Trustees, National Australia Trustees and Australian Executor Trustees and Perpetual Estate Services.)

Remove Public Trustee but keep the ‘free’ Will.

Build Codicil online

Did a nice person, from the government, give you a ‘free’ Will?

Remove Public Trustee

Did the Public Trustee make your spouse and children the Executors? Did they quietly slip in the “Public Trustee” as an Executor as well?

As Executor, the Public Trustee charges a percentage of your estate.

How ‘free’ is the government Will?

You paid tax all your life. Now the government wants to take a percentage of what is left in Executor fees.

Whether alone or with others the Public Trustee charges as your Executor. As your Executor the Public Trustee makes money. Instead, most people appoint their family members, only, as Executors.

Normally, in Australia, your spouse and then children are the Executors. Who do you trust more? The government or your family?

Escape from the Public Trustee

Change the Executor of your Will with a codicil.

The Change the Executor in your Will with a codicil replaces the Executors in your Will. This is without changing your actual Will. Your Wills stays the same, except you have a different Executor. You may wish to change the Executor for a number of reasons:

  1. you are no longer with your partner
  2. your Executor has died or got too frail to do the job
  3. sack the Public Trustee or State Trustee of Victoria
  4. remove the lawyer named as an Executor
  5. sack a professional trustee company. (Including: Australian Executor Trustees, National Australia Trustees and Australian Executor Trustees and Perpetual Estate Services.)

change executor codicil

‘Free’ Public Trustee Will?

The Change Executor Codicil allows your family to escape the Public Trustee and Victorian State Trustee. This is by removing the Public Trustee and putting in your own family as the Executors.

“I am from the government and I am here to help you,” said Mr Public Trustee and State Trustee. That does not sound very convincing, does it?

First marriage with only children of that marriage?

Mum and dad usually appoint each other as Executors. They then appoint their children once both are dead.

For example, if you are leaving everything to your spouse and then everything to your children when you are both dead then amend your Will so that:

  1. Your spouse is the Executor of your Will;
  2. But if your spouse is dead or too frail to do the job then you appoint all your children as the Backup Executors.

Contrary to what the Public Trustee argue, most married couples do this.

In that case:

  1. Mum builds a Codicil appointing Dad as the Executor. The Backup Executors are the children.
  2. Dad builds his own separate Codicil appointing Mum as the Executor. Dad’s Backup Executors are the children.

 

My children are under 18 years of age

You can appoint in your Codicil children under 18 years of age and ‘unborn children’. Just in case they are still under 18 years of age when you die then also appoint an uncle, aunt or a trusted friend as well. If your children are over 18 then the uncle and aunt can renounce the job of Executor.

My children hate each other – appoint them all?change executor codicil

1. If your children don’t get on together then you should appoint them all as executors. Contrary to popular rumour, the job of the executor is one of servant – not master. The executor can’t boss the beneficiaries. The beneficiary, however, can boss around the executors. Therefore appoint all the children if they fight.

2. If the children all love each other and get on well, then appoint them all as your executors.

Appointing all of the residuary beneficiaries avoids the perception of ‘favourites’. There is no limit to the number of Executors you appoint.

Our law firm is currently acting for an Australian deceased estate where the four Executors (the children) have never been to Australia and don’t speak English. Your children do not need to be living in your home State to be Executors.

What does an Executor do? 

You need to appoint an Executor or Executors in your Will to handle your affairs after you die. Your Executor arranges the funeral, applies for Probate, pays debts and distributes your assets according to your Will. These are not normally difficult jobs and the Executor can get professional help from their accountant, financial planner and lawyer. In fact, if the children wanted to they can even give the job of Executor to the Public Trustee after you die. However, I have been practising in Estate Planning since the 1980s and I have never seen a child do that. Why waste the money?

Can I remove my lawyer and professional trustee as Executors?

It is not only the Public Trustee that makes money being your Executor. Some lawyers and professional trustee companies are also into making money being your executors. You can remove them as well by building this Codicil.

Can I get back my physical original Will?

You have the right to get your original Will from the Public Trustee, law firm or professional trustee. You don’t have to give them a reason. Often, you and your spouse may need to pick them up personally. They won’t make it easy for you.

Take in your passport and drivers licence. You need to first listen to a long story about how it is better to keep the original Will with them to ‘help your loved ones’. After that, by law, they must hand them over.

Public Trustee fails to talk with your financial planner or accountant

There are four death duties in Australia:

  1. stamp duty
  2. Capital Gains Tax
  3. income tax
  4. 32% tax on your superannuation

Did the Public Trustee mention this? Did they help with the taxation issues?

The ‘free’ Public Trustee Will is often drafted without advice from your accountant or financial planner. Did the Public Trustee contact your accountant or adviser for advice? In my view, the Public Trustee should not be giving financial planner or accounting advice. This is irrespective of what the legislation allows it to do.

Or should I just build a new Will from scratch?

If your Will is perfect, except for the choice of Executors then merely build this Codicil to update the Executors. However, the old Will may not have any tax benefits, such as 3-Generation Testamentary Trusts in your Will. There are 4 death taxes: CGT, income tax, stamp duty and 32% tax on your Superannuation going to adult children. To learn about Wills that have tax savings see here.

Also, they do not put Divorce Protection Trusts in their Wills.

Telephone us for help building the Codicil to escape the Public Trustee.

Adj Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors
Australia wide law firm
Mobile: 0477 796 959
National: 1800 141 612
Email: [email protected]




08/04/2016

Codicil to change Executor in your Will

Remove Public Trustee but keep the ‘free’ Will. Build Codicil online Did a nice person, from the government, give you a ‘free’ Will? Did the Public Trustee make your spouse and children the Executors? Did they quietly slip in the “Public Trustee” as an Executor as well? As Executor, the […]