Estate planning is a critical process in ensuring your wishes are honoured after your passing. This article provides a breakdown of some key considerations if you’re thinking about appointing an executor who resides overseas.
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.
Given the delays that are often experienced in the Family Court of Australia, parties will often receive an inheritance after they separate, but prior to entering into a property settlement with their ex-partner. There is a misconception that an inheritance received post-separation won’t be taken into account in relation to the family law matter, although this is false.
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.
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