When someone creates a Will, they’re asked to choose someone they trust to act as executor of their Will after they pass away. And as long as the nominated person is competent and over 18 years of age, Will makers are entitled to appoint whomever they want to carry out their final wishes on their behalf.
With around one-third of all marriages ending in divorce, blended families have become increasingly common throughout Australia. With marriages, divorces, separations, and de facto relationships, families are now much more complex structures which often invariably include biological offspring, adopted children, and one or more stepchildren.
A superannuation fund is one method by which Australians can save for their retirement. Your employer sets aside money, 9.5% of your wage, for every year that you work and it is supposed to provide you with a fund to live off of once you retire. The more money you save, the more you will have to rely on when your retirement years roll around. You can withdraw money when you turn 65 or when you retire.
Death comes to us all eventually. Yet it’s still human nature to grieve whenever someone we love passes away. And these emotional moments will likely become considerably more difficult to deal with if you feel you’ve been unfairly provided for in their Will.
When someone dies, their assets, property, money, shares, and everything else they own is described collectively as that person’s estate. In most cases, they will have written a will which has the instructions for how they want their estate to be dealt with after death. The assets and property within their estate become a legacy, bequest, or inheritance which is left to people called beneficiaries.
Have you been named the executor of a Will? Or, are you preparing your Will and wondering who to appoint as your executor? Here we set out what the role of ‘executor’ really means, what you need to do if you are appointed as the executor, and when it may be useful to seek the advice of a Wills and Estate lawyer.