In the realm of estate planning, a question that often arises is: “How many executors can you have on a will?” The straightforward answer is that there is no legal limit to the number of executors you can appoint in Australia. However, it is common practice to appoint one or two executors, with some individuals […]
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Regarding estate planning and wills, one term that frequently pops up is “testator.” But what is a testator? A testator is an individual who has made a will or given a legacy. This person is at the heart of estate planning, as they are responsible for creating the document that outlines how their assets should
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Probate, the legal process of validating a will and administering an estate, involves various fees that can impact the overall financial planning of an estate. In this article, we’ll delve into the key costs you can expect to incur with probate in Victoria. Understanding Probate Fees in Victoria The cost of probate in Victoria is
Cost of Probate in Victoria: 6 Important Factors Read More »
What happens if a will is not followed? Not following a will in Australia can lead to significant legal consequences, including disputes among beneficiaries, intervention by the courts, and potential penalties for the executor. The purpose of a will is to ensure that a person’s wishes regarding the distribution of their estate are honoured after
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Executing a will in Australia involves a series of steps that ensure the deceased’s final wishes are honoured and their estate is distributed according to their will. If you have been named the executor of a will, it becomes your responsibility to manage and distribute the estate in accordance with the wishes of the deceased.
How to Execute a Will in Australia: Helpful 6-Point Guide Read More »
Let’s walk through the essential steps and requirements for obtaining an enduring power of attorney in Australia. This legal document is crucial for ensuring that your affairs are managed according to your wishes in case you become incapacitated. Let’s delve into the process. 🔑 Key Takeaway: An enduring power of attorney is a vital legal
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Appointing a Power of Attorney (PoA) is a significant decision that allows someone else to manage your affairs on your behalf. This guide will walk you through the process, ensuring you make informed choices every step of the way. Understanding Power of Attorney A Power of Attorney is a legal document that authorises another person,
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Making a will is a crucial step in ensuring that your assets and loved ones are taken care of according to your wishes after you pass away. Here’s a step-by-step guide to help you through the process of how to make a will. Step 1: Understand Eligibility and Testamentary Capacity To make a will in
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Power of Attorney (POA) is a legal document that grants an individual (the agent) the authority to act on behalf of another person (the principal) in legal, financial, and business matters. There are several advantages and disadvantages of Power of Attorney. While it offers significant benefits, especially when the principal cannot manage their own affairs,
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The role of an executor of a will is significant, involving managing and distributing the deceased’s estate per their wishes. This role encompasses a range of duties, from legal responsibilities to managing financial affairs. Key Responsibilities of an Executor What is an Executor of a Will? An executor of a will is a person appointed
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