Frequently Asked Questions
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A will grants you the authority to dictate how your assets will be distributed among your chosen beneficiaries. You can specify who receives what, from financial accounts to sentimental heirlooms, ensuring that your wishes are honored.
If you don’t have a will, your assets will be distributed on the basis of intestacy law, an administrator will need to be appointed to distribute your estate and you will not be able to appoint a guardian for any minor children you may have.
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You should choose someone who is trustworthy, has good organisational skills, already has or can quickly acquire legal and financial knowledge, can make themselves available to complete the role and is an impartial person who can avoid conflict.
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It depends on how complex your estate is. Having a single executor can streamline decision-making and administration. This may be appropriate for simpler estates. Appointing multiple executors can offer checks and balances, especially if the estate is complex or if the appointed individuals have complementary skills.
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Without a will, the estate of the deceased is subject to intestacy laws that dictate how their assets will be distributed. These laws vary from one jurisdiction to another but generally prioritise close family members such as spouses, children, and parents as the primary beneficiaries. The division of assets may follow a predetermined hierarchy, often beginning with the surviving spouse and children.
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An executor, sometimes referred to as a "personal representative," is an individual named in a person's will to oversee the administration of their estate after their passing.
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If your executor dies before you, you should update your will with priority, even if you have an alternate executor named in your will.
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You can also check out our Blog which provides much more detailed answers to the above frequently asked questions. Our Blog can be accessed here.