A nominated person does not have to accept the appointment as executor. A nominated person can, before applying for a Grant of Probate, appoint the State Trustee to act in their stead, or simply sign a renunciation.
However, once a person has undertaken any aspect of the duties of executor, they have effectively accepted the role, and it is much harder to renounce. As such, if someone is ambivalent about acting as executor, he or she should avoid undertaking any of the duties of the executor until they have made a final decision about accepting the role.
Do young people need a Will?
Don’t leave anything to chance Remember when your parents used to say that you were growing up too fast? And you thought, it’s not fast enough! The thing about growing up is that before you know it, you get swamped with mortgages, insurances, paying taxes,...
Who needs a Will?
A Will is one of the single most important documents a person can have; yet, so many of us put off dealing with it for far too long. Many Australian’s assume that they’re “too young” to need a Will. Some people believe that they don’t own enough assets or have a big...
What is a beneficiary?
A beneficiary is a person who receives all or part of the distribution from the deceased estate. There are two types of beneficiaries that are included in Wills. It’s important to understand the difference so that you can think deeply about how you’d like to divide...
What is an executor?
An executor is a person (or sometimes more than one person) named in a Will to carry out the wishes of the Will-maker after their death. Often solicitors or specialist trustee companies are named as executors. The most critical activity undertaken by the appointed...
What is a Will?
A will is a legal document that spells out your wishes regarding the care of your children, pets as well as the distribution of your assets after your death. Put simply, a Will is a legally prepared and bound document that states your intentions for the distribution...