You are building a Will to determine how you want your assets distributed after you die.
Unfortunately, you are never consulted over your Government default Wills.
Does it coincide with your wishes? Who benefits from your property when you die? A Government imposed Will rarely corresponds with your wishes as to how much you leave the Tax Man!
By building your own Will you ensure what you own goes to whom you wish when the time comes. You are in control.
If you want a tax effective Will then instead, build our 3 Generation Testamentary Trust Single Will.
You need to appoint an Executor in your Will to handle your affairs after you die. In the Will you are building, your Beneficiaries are usually also your Executors. Be careful appointing Professional Trustees and Lawyers as Executors. They charge to administer your Estate.
My children don’t get on. Should I appoint all of them?
If your children don’t get on together then you should appoint them all as Executors. Contrary to popular rumour, the job of Executor is one of servant – not master. The Executor can’t boss the Beneficiaries. The Beneficiaries however can boss around the Executors. Therefore appoint all the children if they fight.
If the children all love each other and get on well, then appoint them all as your Executors.
What does an Executor do?
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 always get professional help.
Please telephone us if you need more legal advice in answering the questions. We are a law firm.
Dr Brett Davies, CTA, AIAMA, BJuris, LLB, Dip Ed, BArts(Hons), LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors
39 Stirling Highway, Nedlands, WA (Post Office Box 5169, Dalkeith, WA 6009)
Direct: 08 6389-0400
Reception: 08 6389-0100
Email: [email protected]