 Wills
What is a will and why should I make a will?
Your will is a legal document which ensures that your assets are distributed
after your death according to your wishes. It nominates the executor you have
chosen to handle this distribution.
If you are 18 years or over (or at any age if you are married), you can and
should make a will.
It is important that you make a will while you are in good health. If you
know your affairs are in good order, you will have greater peace of mind if
you should become ill or disabled.
Dying without a will can create serious and unnecessary problems for your
family or intended beneficiaries as legislation sets out how your estate will
be distributed. In such cases, the order of distribution may be completely contrary
to what you would have specified if you had drawn up a will.
The absence of a will inevitably delays and increases the cost of the administration
of your estate. A person making a will can assess the suitability of potential
executors and can choose the most appropriate person to administer the estate.
The right to choose an executor is lost without a will.
By making a valid will, you have the peace of mind knowing your estate will
be distributed according to your wishes.
Factors to consider when planning your will:
- who to appoint as your executor
- the value of your assets (assets
being everything you own, such
as real estate, motor vehicles,
cash, bank accounts, insurance
policies, superannuation, shares,
business interests and personal
effects)
- whom you would like to benefit
from your estate
- the manner in which your beneficiaries
will take benefit (bequests legacies,
division of residuary estate,
life interests )
- establishing trusts to provide
for children under the age of
18 years
- personal wishes (funeral instructions
and guardianship of children
under 18 years)
- effects of taxation.
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Can I change my will?
Not only is it important to make a will, but from time to time you should
review your will, and if necessary make a new will to reflect changes
in your circumstances.
Some typical reasons for revising a will are:
- a change in your matrimonial status
- death of a beneficiary
- the birth of children
- substantial increases or decreases
in assets
- simply a change in personal
wishes and preferences
- changes in legislation.
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Who can act as an executor and what is the role of an executor?
Any adult person or any statutory trustee company such as Sandhurst
Trustees Limited can act as an executor. However, experience shows that
only executors with appropriate qualifications and expertise should be
trusted with the administration of an estate.
An executor is responsible for the entire administration of an estate.
Principal duties of an executor
- Meet with family members and named beneficiaries to discuss
the provisions of the will.
- Attend to funeral arrangements.
- Identify assets and liabilities
- Preparation of Statement of
Assets and Liabilities for relevant
beneficiaries.
- Protect and maintain assets.
- Advise banks, companies, insurance
agencies, debtors, creditors
and other applicable organisations
of the death.
- Identify beneficiaries named
under the will and their entitlements.
- Obtain a grant of Probate.
- Realise assets to meet estate
expenditure.
- Settle liabilities and expenses
due by the estate.
- Collect all income and monies
due to the estate.
- Prepare final taxation returns.
- Prepare final Statement of
Receipts and Expenditure.
- Distribute assets of the estate
pursuant to the terms and trusts
named under the will
- Establish trusts
for beneficiaries (minors,
charities, life interests)
- Payment of legacies
and distribution of specific
bequests
- Transfer assets or
cash to named beneficiaries
- Maintain assets to be held
in trust
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The complexity of modern life demands that your executor
and trustee be:
- experienced in looking after the affairs of others
- competent to carry out the
terms of the will or trust
- understanding and sympathetic
in dealing with beneficiaries
- able to devote time to the
affairs of others
- always available
- abreast of changing legislation
as it affects estates and trusts.
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As a statutory trustee company, Sandhurst Trustees Limited has been
handling estates since 1888. The company employs specialist administrative
staff who are qualified to advise on and handle the most difficult estate
problems. Sandhurst Trustees Limited acts with complete impartiality
avoiding the possibility of family conflict, which can arise if a personal
executor is appointed.
Disadvantages in appointing a personal Executor or Trustee
such as a family member or personal friend:
- The person appointed may die, become ill, leave the district,
or renounce his or her appointment before completing the administration.
- The person appointed may be
inclined through pressure of
his or her own affairs to take
shortcuts and perhaps invest
trust funds in speculative ventures.
- The person appointed may deplete
the estate funds through lack
of experience or cause unnecessary
expense through lack of knowledge.
- The person appointed may not
always be available to give information,
nor render proper accounts when
required.
- The person appointed may be
influenced in his or her actions
by sympathy for, or pressure
by beneficiaries and others.
- The person's financial position
may not offer adequate security
in the case of loss.
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Sandhurst Trustees Ltd Will and Estate Service
Sandhurst Trustees Limited will prepare your will, for a fee which is
competitive with other professionals in this field. By entrusting Sandhurst
Trustees Limited to prepare your will you can be satisfied your will
has been drawn up in a professional manner. Sandhurst Trustees Limited's
specialist staff are experienced in will preparation and can provide
professional advice regarding the distribution of your assets according
to your wishes, taking into account financial, legal and taxation issues.
Sandhurst Trustees Limited can assure:
- strict confidentiality is maintained
- burden of responsibilities
is removed from family and friends
- impartiality in the execution
of duties
- continuity and economy
in management
- protection from fraud
- accessibility and prompt
attention
- advice and efficiency.
If you are ready to act in the matter of making a will or altering your
current will, you are invited to avail yourself of the services this
company has to offer in the capacity of executor. Advice is given without
obligation and Sandhurst Trustees Limited will prepare your will for
you on the above conditions.
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For further information, to proceed with the preparation of your will or discuss the Sandhurst Trustees Limited's will service please contact Sandhurst Trustees.
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