What if I require asset protection?
Updated 1 Jan 2021
If you have a large estate and perhaps a business or investments and you are concerned as to what may become of your business and interests upon your demise, it is important that matters such as asset protection are planned ahead and particularly addressed in your will.
Also, there may be familial issues involving step children, foster children, de facto relationships and other factors which might create complexity that needs to be spelt out clearly in your will to avoid uncertainty and unnecessary claims against your estate.
At Proctor & Associates, we understand the needs of clients in such circumstances and will give you the personal attention you need to ensure that all issues are addressed in planning your estate for the future.
For further information, or to make an appointment to have your will prepared, contact your solicitor at Proctor & Associates.
Executor (Trustee) of My Will – Who should I appoint
The appointment of the executor of your will is a very important appointment.
You can appoint more than one executor or an alternative person in case the first appointee can’t fulfill the duties and obligations of Executor.
Depending upon the complexity of your estate, it is important that your appointment of executor is someone who you know will carry out the terms of your will in accordance with your desires. Generally, it is preferable to appoint one or more family members, being persons you can fully trust to carry out your wishes. In some cases, people who don’t have family appoint a close friend or perhaps their solicitor.
We will advise you on the preferred course of appointment of executor in your particular circumstances.
Duties and Obligations of Executor
You executor has a fiduciary duty to ensure that your will is administered properly and honestly. The executor is not appointed to make personal gain, although there are provisions allowing an executor to recover any costs incurred in the work involved in administering the estate. The will might make reference to the executor being paid for his time and effort if he is a solicitor, however, generally, any expenses can be recovered.
Contact the experienced lawyers at Proctor & Associates on info@proctorlaw.com.au or telephone us on (02) 9687 3777. A member of our legal team will gladly assist you in the preparation of your asset protection & related services.