Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 12 February 2021.
Fred and Anne own their modest home jointly and each have $20,000 in separate bank accounts.
After receiving marketing material in their letterbox from the Public Trustee (now the New South Wales Trustee and Guardian) they attend a consultation at the courthouse to make their Wills.
Their Wills are prepared free of charge on the basis that Fred and Anne appoint the Public Trustee as their executor.
When Anne passes-away many years later, Fred seeks legal advice regarding her affairs.
The solicitor advises Fred that their home can be registered in his sole name relatively cheaply. The solicitor attends to this via an online platform without delay and Fred soon receives a Certificate of Title stating that he is now the sole proprietor.
Unfortunately, having the funds held in Anne’s small bank account released to Fred proves to be much more difficult.
Because the Public Trustee is named as executor of Anne’s Will, the bank requires the Public Trustee’s authorisation to release the funds.
Given the small amount of funds held in the bank, this process would normally only take a few weeks if the Public Trustee was not appointed as Anne’s executor.
Fred contacts the Public Trustee and is required to provide them with various documents and information. Fred is confused by the process and requires the assistance of his solicitor.
The solicitor helps Fred get the information together and forwards it to the Public Trustee.
Despite Fred being in desperate need of funds, five months pass and Fred is still waiting to receive the funds held in his late wife’s account.
If Fred and Anne had simply appointed each other as executors, these unacceptable delays would not have occurred.
If YOU would like a particular issue addressed please email Manny at manny.wood@ticliblaxland.com.au or call him on (02) 6648 7487.
