Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 20 November 2020.
Jack sees his solicitor regarding the making of a new will and his solicitor clears-up a number of questions that are commonly asked.
No, your executor does not need to sign your will, nor do any beneficiaries. This misconception arises because attorneys and guardians need to accept their roles under those documents, which do not form part of your will, and serve very different functions.
No, there is no such thing as a “family will” and spouses do not make a single will together. All individuals make their own separate wills and you can always change your will by making a new one. This misconception may arise because some wills create trusts for the benefit of a beneficiary’s extended family, which are sometimes called family trusts or testamentary trusts.
No, there is no way to register a will. Solicitors cannot conduct a search of a central register to locate a will. It is therefore very important that the original will is preserved safely and that the executor and primary beneficiaries know the location of the will. Ideally, your will should be retained in your solicitor’s safe custody facility with your power of attorney, appointment of enduring guardian and your title deeds, as a minimum.
No, there is no way for your executor to conduct a general search to identify the assets of your estate. It is important to have a list of your assets available for your executor and given that many bank and superannuation statements are now in electronic form, thought should be put into suitable arrangements in this regard.
No, jointly owned property and your superannuation does not automatically form part of your estate and need to be dealt with separately.
If YOU would like a particular issue addressed please email Manny at manny.wood@ticliblaxland.com.au or call him on (02) 6648 7487.
