An executor is a person (or people) that you will nominate in your will to act on your behalf after you pass away. The role of an executor is to ensure that they attend to all relevant practical works to obtain the appropriate authority to act on behalf of your estate (being an application referred to as ‘Probate’) and thereafter attend to distribution of your estate per the directions and instructions in your will. Being an executor is a significant legal obligation, so it is best to ensure that they are someone who you trust and believe will act in accordance with your instructions.
What is A Beneficiary in A Will?
A beneficiary is a person who you nominate in your will to receive a distribution from you in your will. Anyone can be a beneficiary, provided that they survive you for a certain period of time after your passing. You can even leave a distribution in your will to entities, such as companies, charities and trusts. To ensure that your instructions are followed as to distributions to your beneficiaries, it is important that you:
- Provide the correct name and details for your beneficiaries; and
- Ensure that you properly describe the gift from your estate sufficiently to identify your intentions and minimise the potential for any dispute.
What Happens to My Property after I die if I Do not Have Any Family?
A person has complete testamentary freedom to distribute their estate under a will. This means that you are not obligated to leave your estate to your family members. However, if it is the case that you do not have family to leave your estate to, the estate will be distributed pursuant to any instructions in your will for the estate to be provided to other beneficiaries.
If it is the case that you pass away without family, Chapter 4 of the Succession Act 2006 (NSW) provides a roadmap for the provision of your estate. Where there are no family members, no will and no specific instructions as to what you want to happen to your estate after you pass away, your estate will be distributed to the Government. For this reason, it is important that you prepare a will and have instructions as to the distribution of your estate.
What is the role of the Trustee and Guardian?
The New South Wales Trustee and Guardian is a government organisation established for the purposes of acting on behalf of members of the community who are in need of assistance, whether it be financial assistance or assistance in medical and lifestyle matters. They hold a protective function in society, aiming to provide support and assistance to vulnerable members of the community.
The Trustee and Guardian can provide assistance in the form of managing your affairs if such assistance is requested by you or otherwise ordered as a result of any application as associated with concern as to your ability to manage your own affairs. They also are an organisation who can assist you in preparation of a will and other documents to allow for you to obtain assistance from others within your life or the community regarding your legal, financial, medical and lifestyle affairs.
