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.

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