Writing your personal Will is a vital exercise, especially as you start to get older. When you graduate school, embark on tertiary studies and move into a working career, you ultimately will start to accumulate wealth, other assets and potentially property or land along the way. Having a Will written is your opportunity to plan for yours and your family’s future.
Some of the benefits of getting your Will written are:
Upon your death, whether it be expected or unexpected - a Will ensures that your assets are passed on to who you choose and can help eliminate familial disagreements.
Having a Will also allows you to nominate a person you would like to raise your child/ren should you pass away. If there is no Will, this will be determined by other family members or by the court system who could choose a state appointed guardian.
In the absence of a Will, a family member who you may not want to pass on assets or finances to, may be in a position to inherit from you.
An executor is your nominated person who will manage the administration of your Will. This generally includes things like notifying the bank, closing accounts and managing the distribution of the funds according to your wishes.
No one can promise tomorrow and what it will bring, and having a Will ensures you will have your wishes and desires respected and followed.
These are just some of the benefits of having a Will.
Now you might be wondering if an executor of a Will can also be a beneficiary.
The short answer is that yes, an executor can be a beneficiary of a Will. Generally when an executor is appointed it is because they are considered someone who is trustworthy. The executor will have to likely deal with assets like property.
A common example of an executor who is also a beneficiary, is when an adult child is appointed executor to their parent/s will but is also listed as a beneficiary. The adult child would carry out the executor of the will duties in accordance with the will, but would also receive their respective portion of the estate.
Since being an executor is generally a position of dealing with other family members written into the Will, and likely other siblings, things can sometimes be a little upsetting for those other siblings if they are not a joint executor and nominated as just a beneficiary. Ultimately, it is up to the executor to do the right thing according to the deceased person’s will.
An experienced Estate Lawyer like TY Lawyers in Chatswood, can write you a legally binding Will. TY Lawyers also specialize as property lawyers in Chatswood.
Contact us today to discuss your personal situation and one of our experienced legal professionals will get back to you as soon as possible. Call TY Lawyers Chatswood on: (02) 8007 0135.