Settle Your Will

When you make a Will, you will need to specify who you want to manage your deceased estate. These will be your Executors. They should be someone you trust and if you appoint more than one Executor they must agree with one another on any action taken. This can protect against misbehaviour.

You may also wish to nominate a reserve Executor or Executors in case your nominated Executor(s) passes away before you or they do not wish or they are unable to accept appointment.

So, for example, if you appoint your spouse as Executor, you would also have a reserve in case your spouse predeceases you and you are unable at that stage to make a new Will.

Similarly with specific bequests. If you list an asset to go to a particular person, you may want to specify what happens if they predecease you. Same for sums of money you leave to particular persons.

You may wish several items or sums of money to go to various people. And, perhaps to charities.

Everything else is what is called the “residue” of your estate and you need to specify to whom this is left and in what shares.

Your superannuation may not be paid to your deceased estate if the person you have nominated to your superfund as your superannuation beneficiary survives you. In case it is paid to your deceased estate, you may wish to specify who it goes to. Plus. perhaps, how bequests are to be re-arranged if it is paid to your estate.

You may want to specify at what age a young beneficiary’s entitlement passes to them. In the meantime, the Executors hold that asset until the beneficiary reaches that age. With minor children, who cannot access their gift until age 18, you may want to specify that nevertheless the Executors can, in the meantime, advance funds for that child’s maintenance, education or advancement in life. For example, if you do not allow this, it could be unfortunate if funds could not be accessed if emergency medical or rehabilitation care is needed.

If you have adult children, you may want to specify that, if a child predeceases you, their share in your Estate is to be divided between their children. Or you can choose instead that your surviving children share the deceased child’s share.

If your personal or financial affairs are complex, your Will may need to be considerably more elaborate than indicted above.