So you’ve done the right thing and got yourself a valid and proper Will drafted. Now, what else can you do to make the task of administering your estate that much easier for those responsible for the task?
The person appointed in your Will as your Executor has three main duties following your death:
- To collect in the assets forming your estate
- To pay all funeral and testamentary expenses, legal and administrative expenses, tax and debts due at the date of death
- To distribute the residue of your estate according to the terms of your Will
Your executor may not know the extent of all your assets. What needs to be collected in? How well do we really know the financial affairs of say our parents, siblings or friends? Where and how do we start the process?
Any information you may leave behind will, therefore, be invaluable and will no doubt save time and expense during the administration process. The information may be presented in any format as this is not a legal document and pre-printed forms or booklets are available for this purpose.
The information may include:-
Personal Information
Full name, date of birth, details of spouse and children, nationality issues, reference numbers such as for Centrelink or Veteran’s Affairs, contact details for other next of kin or for those to be informed of your death such as professional bodies, committees, clubs etc
Financial Information
Details of bank accounts, real properties, investments, life insurance, superannuation, hidden cash, access numbers and passwords
Estate Information
Where your Will is kept, pre-paid funeral plans, funeral wishes including the scattering of ashes, tombstone, memorials etc
This is not an exhaustive list and any information of relevance will no doubt be useful.
If you can’t remember all of this then not to worry. You can help your Executors and, in turn, your Beneficiaries to administer and receive your estate efficiently in terms of both time and cost by completing our “Executor’s Dossier”. Contact Bennett & Philp to get your free copy and plan out your estate today.
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