Thursday, April 12, 2018

Where to start making a will

Work out who you wish to be your executor – full name and address.

  • The executor can be a beneficiary.
  • You can have more than one executor.

Your executor should be someone who you can trust to administer your estate according to your will – that is, to obtain a grant of probate, to realise the assets and to distribute the proceeds of the sale.

You should nominate a substitute executor in case the first one dies before you or otherwise cannot act.

Make a list of your current major assets.

Do you want to make any specific gifts of property?

How do you want what is left (the residue) distributed?

It is generally better to give percentages of your residuary estate rather than fixed amounts - due to inflation.

At the same time consider these three documents for your final years:
  1. Enduring Power of Attorney
    See:wills-probate.blogspot.com.au/../what-is-aeg-epoa
  2. Appointment of Enduring Guardian
    See:wills-probate.blogspot.com.au/../what-is-aeg-epoa
  3. Advance Care Directive
    This assists the Enduring Guardian to make difficult decisions for you.

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