People often question why the executor of their estate needs to have so many powers. Simply put – if your executor isn’t given any additional powers by your Will, then they are limited to what is set out in the Trustee Act. One area that this can lead to issues in, is the family home – particularly if beneficiaries aren’t in agreement.
It is not a shock to anyone that COVID-19 has disrupted a lot of our daily lives and normal ways of doing things. This article
A significant lesson that can be taken from the Falkholt family tragedy is the very real need to have your financial affairs in order, especially with regard to a legally valid Will which adequately covers all scenarios, including a calamity such as a complete family wipe-out.
The term ‘digital assets’ encompasses everything from photos, emails, domain names and blogs to online gaming accounts. What happens to your digital assets on death, or incapacitation?
When conflict arises between executors, it usually results in delays in the administration process, increased costs and stress to all interested parties. So what can we do as advisors to help guide our clients on who the appropriate people are to appoint and hopefully remove or minimise the potential for conflict?
If you do have assets in more than one country, it’s important to ensure that your Will properly disposes of your worldwide assets – not just those in Australia. One available option is to make a single Will disposing of all of your assets. Alternatively, you can make a separate Will for each country in which you hold assets.
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