When you buy books using these links the Internet Archive may earn a small commission. Open Library is a project of the Internet Archive , a c 3 non-profit. This edition doesn't have a description yet. Can you add one? Add another edition? Copy and paste this code into your Wikipedia page. Need help? Hutley's Australian wills precedents Charles Rowland.
Donate this book to the Internet Archive library. The child may feel that the parents did not consider them capable of taking on the executor role and be unhappy which can lead to family friction. It is always possible for an executor to renounce the role if they do not wish to take on the job, so it may be appropriate to encourage the parents to treat all of their children equally in the nomination of executors.
This will not be appropriate where a child has reliability or capacity issues. There is no limitation as to the number of executors you can nominate in a Will. There are obvious practical issues when appointing numerous executors who would be required to join together in making decisions regarding the administration of the estate and executing required documentation.
In addition to these practical considerations there are also limitations imposed by the courts, in Victoria and Queensland as well as Tasmania and Western Australia the court will grant probate to a maximum of four executors. It is also possible to nominate a professional or institutional trustee to act as trustee. This may be appropriate where the estate is particularly complex, although it is always open to individual executors to engage professionals to assist in dealing with the administration of the estate.
It is also often the case that a testator does not have family or friends available or appropriate to act as executor. This is often the case where there is existing or potential family conflict and an independent trustee will be the best placed to administer the estate.
The Public Trustee or State Trustees in Victoria and professional trustee companies only those authorised by statute will charge for acting in this role. Impartiality can be an attractive reason for appointing a professional, but the cost and lack of family insight and understanding can also be a clear disadvantage.
Executors can pay for any expenses incurred in the administration of the estate from the estate proceeds such as legal or accounting fees. Executors themselves are not entitled to be paid for acting as executor unless specific provision is included in the Will permitting them to charge for their time.
If a testator has appointed a person who is a professional to act as their executor such as the family lawyer or accountant it is common practice to include provision to allow that executor to be paid at their usual professional rates for acting. Executors can also apply to court to be paid a commission for acting in the role as executor. Specific gifts. Gifts of real property are referred to as devises in a Will and gifts of personal property as bequests.
If a testator wishes to leave a gift of personal property or of cash they will need to include this gift in the Will. It is not a requirement for a testator to identify recipients for all of their personal property.
If a testator has particular family pieces of art, antiques or jewellery they wish to give to named beneficiaries it is appropriate to include these in the Will. It is generally recommended that clients avoid including long lists of gifts of personal property in their Wills. Given that property can be acquired and disposed of over time there is a risk that the Will could need to be repeatedly updated to take account of changes.
This is simply a letter kept with the Will where the client can informally set out their wishes regarding the division of personal assets, funeral arrangements and other personal matters. There is no required format for the content or execution of a letter of wishes, so a letter can easily be amended and updated over time to take account of changes in circumstances. The letter should include a clear statement that it is not intended to be a testamentary document; Charles Rowland suggests the following:.
If gifts are to be included in the Will, then it is important to identify clearly and with certainty:. What is being given? What happens if the property is not owned by the testator at the time of their death? Who is to receive the gift?
What happens if the recipient dies before the testator? If the gift is to be of a specific item it is important to ensure the property is accurately and carefully described. Ademption is particularly an issue with gifts of real property, so this issue must be raised when a testator proposes including a gift of real property.
Issues can arise where property to be gifted has debt secured on that property at the time of the death of the testator. It is important to ensure you understand both the assets and liability status of the clients when discussing their succession planning.
If a cash gift is to be made the testator should be reminded that the Will should be regularly reviewed as inflation and currency changes may mean the amount of the gift needs to be adjusted.
An alternative is to include provision to require the executor to adjust the gift for inflation by reference to the consumer price index or similar. The recipient of the gift should also be clearly identified using their full name, address and, if applicable, their relationship to the testator. If the gift is to a class of beneficiaries, be sure that the description is without ambiguity:. The Will should make it clear what is to happen to the gift is the intended beneficiary dies before the testator.
If the gift is to pass to the children or other relative of a beneficiary so that they are substituted for the beneficiary the gift clause must state this.
The following is an example:. If the testator does not want anyone to receive the gift by substitution then it is not necessary to specifically refer to the gift passing to the residue.
If a gift is made to a class, such as the nieces and nephews already referred to, the clause should deal with circumstances where one of the class dies before the testator. If one niece dies does her share pass to the others, or does it pass to her children by substitution? If the gift is to accrue to the other nieces then the gift would be worded as already referred to:.
If the gift is to allow for substitution this must be stated:. In each of New South Wales, Queensland and Victoria there is legislation which requires that a beneficiary survives the testator by 30 days in order to receive the gift.
One Year Subscription Only Terms. Automatic Renewal terms. Automatic Shipments Terms. Product description. Featured Authors. Craig Birtles. A Compact Disc containing all the precedents and forms in Microsoft Word format is included. Read more Allow this favorite library to be seen by others Keep this favorite library private. Save Cancel. Find a copy in the library Finding libraries that hold this item Since its first publication in , Hutley's Australian Wills Precedents has become the essential reference work on the art of will drafting in Australia.
Reviews User-contributed reviews Add a review and share your thoughts with other readers. Be the first. Add a review and share your thoughts with other readers. Tags Add tags for "Hutley's Australian wills precedents".
All rights reserved. Please sign in to WorldCat Don't have an account? Remember me on this computer. Cancel Forgot your password? Print book : English : 7th ed View all editions and formats. Wills -- Australia -- Forms. Similar Items. General considerations -- estate planning, validity of will, requirements for; capacity, concealment of will; order to produce will -- 2.
Drafting a will using these precedents; taking instructions and structuring a will -- 3. Commencement and testimonium; wills for assets in foreign countries -- 4. Revocation clauses -- 5. Directions as to disposal of the body; directions as to undue prolongation of life; enduring power of attorney -- 6.
Deaths -- simultaneous or near-simultaneous; presumption of death; order of deaths clauses; intermediate income -- 7. Children, adopted and ex-nuptial children; guardianship -- 8.
0コメント