The Remove Victorian State Trustee as Executor Codicil allows you to remove the Victorian State Trustee as Executors of your Will. This is without changing your actual Will. Your Wills stays the same, except you have a different Executor. Why escape the Victorian State Trustee as your Executor:
Did a nice person, from the government, offer to do you a ‘free’ Will?
Did they make your spouse and children the Executors, and then also quietly slipped in the Victorian State Trustee (‘see here‘) as an Executor as well? Whether alone or with others the Victorian State Trustee charges to be one of your Executors. The Victorian State Trustee takes a percentage of your estate as its fees. The State Trustee makes money from being your Executor. Instead, most people in the State of Victoria appoint their family members, only, as their Executors.
The Change State Trustee Codicil allows your family to escape the State Trustee. Remove Victorian State Trustee as Executor. Instead, name your own family as your executors.
I am from the government and I am here to help you,” said Mr State Trustee. That does not sound very convincing, does it?
You can appoint in your Codicil children under 18 years of age and ‘unborn children’. What if the children 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. This is after you die.
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 currently acts for an Australian deceased estate. The four Executors (the children) have never been to Australia and don’t speak English. Your children do not need to be living in the State of Victoria, or even Australia, to be Executors.
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. If the children wanted, they can give the job of Executor to the Victorian State Trustee after you die. However, I have been practising in Estate Planning since the 1988 and I have never seen a child do that. Why waste the money?
Need help to build your Remove Victorian State Trustee as Executor Codicil online? Telephone us. We are a national law firm.
Adjunct Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, LLM, MBA, SJD
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