And what you need to consider.
We will give some points to ponder.
Who would you like as your Executor?
Ideally you should select someone you trust. It can be an onerous task and not undertaken nor delegated lightly.
Your Executor isn’t required to know how to perform his or her duties but someone who you know will honour your wishes and see these carried out and look after assets to be held in Trust for young children. Your executor can always ask a specialist to assist in the administration of your Will. At Guardian Wills and Probate we specialise in assisting the executor to bring the estate to a completion in the shortest possible time and at the very best price.
It is always best to nominate a substitute Executor in the case that the first executor may predecease or be unwilling to act in this matter.
What if I want some precious family items to pass onto certain family members?
You can give a description of that “special item” and nominate the family member you wish to inherit. Thus giving you peace mind that someone else will love and look after this family heirloom or special object.
Can I ask someone to look after my pets when I am gone?
Absolutely. You can name your pet and discuss with that friend or family member the importance of this bequest to you and a clause can be added to your Will.
At what age should my children inherit?
This is a personal decision to be made by you. The age of 18 is the legal age but perhaps children are at school, tafe or university until they are 21. Most clients select 23 or 25 as an appropriate age.
I want my children from my first marriage to inherit my estate but I want my current wife to still be able to live in our house. What can I do?
Ring us and have a chat. We have some ideas that you might wish to consider.
As the blogs continue we will explore other avenues for you to think about.