5 Common Questions about Wills

5 Common Questions about Wills

What is a Will?

A Will is a legal document that details your wishes about how you want your assets gifted when you die.

When does my Will come into effect?

Only when you have passed away. Until then, your Will has no effect.

What is an Executor?

Also known as the Trustee of your Estate (because they hold your Estate on trust) or Legal Personal Representative. This person will take the necessary steps to identify your assets and liabilities and carry out the wishes in your Will.

Who should I appoint as my Executor?

The role of an Executor is a very important one and you should choose someone that you trust. You can appoint more than one Executor and Turnbull Legal Solutions can advise you about whether this is a good option for you and your family.

Although your Executor has to give your Estate to the beneficiaries as set out in your Will, your Executor has some discretion about when and how this is done. That is why it is important to think about who to appoint as Executor of your Estate.

I have a Will, why do I need an Enduring Power of Attorney?

This is because your Will does not start “working” until after you die. This means your Executor cannot sell or transfer assets unless you have passed away. If you lose capacity, your house may need to be sold so you have money for a retirement home or nursing home. An Enduring Power of Attorney appoints someone as your Attorney (for example, your spouse, family member or close friend) who can make financial decisions on your behalf.

Recent Articles

First Home Buyers Choice - what is it and what does it mean for you?

16th January 2023

From 16 January 2023 eligible first home buyers can now choose between paying the one-off Transfer Duty (stamp duty)... Read More

What is Spousal Maintenance?

13th August 2019

Spousal maintenance is financial support paid by one party to another following separation. Spousal maintenance is intended to financially... Read More

Left out of a Will?

05th July 2019

If you have been left out of a Will, it is important that you get legal advice about your... Read More

What is the Difference Between Orders and a Parenting Plan?

28th June 2019

Orders Orders are made by a Court, sometimes by Consent of the parties and sometimes by the Judge after a... Read More

Family Law and the Court Process

29th May 2019

If you have been served with an Application by your ex-partner, you need to obtain expert legal advice. Seeing... Read More

New Drink Driving Laws in NSW - what they mean for you

24th May 2019

From 20 May 2019, if you are caught drink driving the Police can either issue an infringement notice (an... Read More

Separation & Property Settlements

09th May 2019

When you separate, it is extremely important to divide assets and liabilities as quickly as possible. Not only will... Read More

Recovery Orders

01st May 2019

What is a Recovery Order? This is an Order made by the Court (usually the Federal Circuit Court) that requires... Read More

5 Common Questions about Probate

24th April 2019

What is Probate? Probate is the process where the Supreme Court checks and verifies ("proves") the last Will of the... Read More