Updating your will plan on a regular basis is fundamental to ensuring your will reflects your current financial and personal situation. There are a number of events that occur that have the effect of revoking all or part of your will.
Your Will expresses your wishes at a particular point in time, however your personal situation changes on a regular basis. Day to day events occur that have the effect of revoking all or part of your Will. Generally these events do not trigger the fact that our Estates and therefore our Will, needs to reflect the relevant change.
A Power of Attorney is a legal document which gives authority to another person (known as the attorney) to make certain financial decisions and sign certain documents on behalf of the donor. Powers of attorney can grant extremely wide and discretionary powers to the attorney. There are certain drafting and execution requirements for an Enduring Power of Attorney to be valid.
Firstly, let’s try to understand what is an Executor and what do they do? An executor can be a person or an organisation that you appoint to be responsible for carrying out the wishes you have stated in your will. You must nominate at least one person or organisation as the Executor in your will. The executor/executors are responsible for the entire administration of your estate until all assets have been distributed to your beneficiaries. Their role includes gathering and maintaining the deceased’s assets, and ensuring all the estate’s outstanding debts and taxes are paid.
What happens if you die without a will in Queensland? Intestate…… It is a seemingly harmless word which can have a serious impact upon your loved ones if you pass away. In simple terms, Intestate means that you have died without a will. Instead of your estate passing according to your wishes, your estate will now be divided according to the laws of Queensland. Intestacy laws in Queensland are a paint by numbers approach which are extraordinarily unlikely to match how you would like to see your assets pass.
There are a number of Things to Consider when Making a Will and this article will start to give you some knowledge of what you can include. A will has nothing to do with your wealth. Some of us may not consider ourselves rich, but no matter what your personal perception of where you believe you stand on the socio-economic ladder, you always need a will.
When a person dies and leaves a valid Will, it will name an individual or several individuals as “Executors”. The Executor is sometimes also called the Trustee of the estate, or the deceased’s Legal Personal Representative. The Executor has a duty to hold the estate of the deceased in a safe and secure way until it can be distributed according to the terms of the Will.
How To Leave My House to My Child is often a question asked of us? This article will discuss the best way to leave your property upon death where a second marriage or partner is involved. Your house is one of your most valuable assets and can be a major part of your estate, but what are your options within your will if you were to pass?