Wills and Estates

Last Will & Testament

Last Will & Testament Enquiry Form

Application for Last will and Testament 

 Your will needs to be in writing and signed by two witnesses who may not be beneficiaries.  The best is a short, concise and clear will, which includes any possible future developments envisaged. For instance, leaving a stand next to the river somewhere, to all the 12 grand children who is aged from 4 to 16 years old, may not be a good idea, as it may end up in a trust till the youngest is 18, cop property rates every year, without anyone being able to use it productively.

Make sure your family has control over the process by appointing the spouse (with assistance from a professional person) as the executor, that there will be funds to pay costs so that key assets may not need to be sold in unfavourable market, and that the spouse is properly provided for before younger family members.

Estates

Estate Planning Enquiry Form

Estates are either done according to the last will and testament, or as interstate succession if the person pass without a valid will.  The executor is appointed by the Master (in accordance with the last will), to collect income and distribute the assets of estate to beneficiaries, after paying costs and liabilities.

There is a school of thought that believes its best to appoint the spouse as the executor, and the master will do so with assistance from a professional accountant or lawyer.  This allows the family control over the estate, as the executor can hire and fire to get the job done best for the family.

Of course life assurance and certain pension or provident pay outs can be structure to pay directly to a nominated beneficiary, although the trustees of that fund may have a discretion to whom to pay what. RSA bonds also can be paid to a nominated beneficiary upon a person passing.

Planning an estate may encompass many considerations according to the circumstances, and its best to consult a professional you trust, and who can think out of the box.  Make sure that they can only act in your best interest, even when you’re not around.