Scenario
Dick and Dora (now in their mid 70’s) have decided to move to a retirement village by the sea. The significance of the move has caused them to review their position in relation to their Wills. Before attending their Elder lawyer Dick and Dora reviewed their current Wills and were struck immediately by the fact that the person each had nominated as their alternative Executor had died. Who should they appoint?
Guidance
The testator (male but becoming more commonly used for both genders) and testatrix (female) is the Will maker or on whose behalf of the Will was made.
An executor (male but again becoming more commonly used for both genders) or executrix (female) is a person appointed, usually by the testator or testatrix in their Will or Codicil to administer the testator’s/testatrix’s property and to carry into effect the provisions of the Will.
A Codicil is a document signed by the testator for adding to, altering, explaining or confirming a Will previously made by that person. The advent of computers and wordprocessors has reduced the use of codicils as a new Will can be produced relatively simply and efficiently negating the need for multiple documents.
Most married people, usually but not always, appoint their husband/wife as their executor. This works well but as most couples are relatively close in age it is wise to appoint an alternative executor(s) who is younger and based on probabilities more likely to be about to do the job and able to do the job when it is required to be done. Ensuring a younger person is included becomes more important as we get older.
You should not appoint a “minor” as executor as a minor may not receive a grant of probate.
You may appoint an authorised trustee company to be your executor or the Public Trustee. Be very aware of the fees involved if you are contemplating such action. If you anticipate difficulties amongst your beneficiaries then this may be a practical alternative.
You can make the job for the Executor easier by keeping good records that are easily found. We suggest that you maintain a Life & Estate File (such as are provided as part of Blackwell Short Lawyers’ service to Elder law clients) where your key records are all kept in one place.
For the Executor – it is a very responsible job, it can be an onerous job, mostly it is a job we do without payment and generally thankless as the person who most appreciates the work you do is not there to express their gratitude! The role of the executor will be set out in more detail in another column.
Information: Blackwell Short Lawyers (Elder lawyers) and www.pt.nsw.gov.au.