PSP 3 - Inheritance

A will allows the testator (person making the will) to select who will receive their assets after death.

A will lets you appoint executors or trustees to manage your estate after your death.

Having a will usually speeds up and reduces costs of probate (the legal process of validating a will).

A will allows you to name guardians for minor children, ensuring their care.

A will helps ensure family assets are properly distributed to avoid squandering or disputes.

Having a valid will can potentially save on stamp duty fees related to inheritance.

An executor named in a will can start legal actions to protect the estate even before the probate process begins.

A person named in a will to manage the estate after the testator's death.

The testator (will maker) decides who will manage their estate, and can choose a professional or trust company.

A will remains valid even if the executor is not willing or able to serve.

A backup executor to take over if the primary executor declines or dies.

A bankrupt person will likely be disallowed from being an executor without permission from the court.

Legal documents granted to someone to manage the estate if there's no will or executor.

A law (likely part of a probate act) that addresses situations where an executor is unable or unavailable to serve.

The person who creates and leaves the will, they dictate who manages their affairs after death.

Closest family members by blood relation, in terms of estate matters.

A legal rule that limits how long property can be tied up in a will, preventing it from being locked away indefinitely.

An administrator is obligated to distribute inherited assets to beneficiaries promptly once the estate is settled and debts are paid.

Executors named in a will can start necessary legal actions to protect the deceased's estate even before probate is finalized.

A will can specify how much an executor gets paid for their work. If not stated, a court decides, allowing up to 5% of the assets' value.

Even with advantages like clear inheritance and asset protection, many people choose not to make a will.

Executors should only act regarding estate property after a grant of probate is obtained and issued.

Property of a person who died without a will (intestate) doesn't transfer to administrators until letters of administration are issued.

The Public Trustee handles the estate of a deceased person immediately upon death (in specific situations, per section D7 of the Public Administration Act).

A testator (person making a will) can appoint guardians for minor children.

If one parent survives, they are the sole guardians of minor children, overriding the deceased parent's wishes.

If both parents die, disputes regarding child guardianship may arise between the families of both parents.

Executors with a valid will can apply for probate (court permission) easily.

If a will was executed with exceptions (e.g., specific sections of the Wills Act), the court might request extra documentation.

If a will is from another country, the court may demand proof of that country's legal procedures for the will's validity.

For wills made based on section 4, proving will's validity may involve confirming overseas legal norms via affidavit.

Granting a legal status connected to a will, handling distributions through a will in a similar way as if there was no will.

A will naming a single executor (and possible co-executor), crucial when the deceased child has a child under 21, easing administration and avoiding administrative complexities.

At least two administrators are required by law when a deceased has children under 21. This can cause extra difficulties, particularly for the spouse.

Executors are named in a will; administrators are appointed by the court when a will isn't present. Executors are responsible for handling the estate's issues.

Executors are duty-bound according to the will, while administrators are subject to court oversight and rules. Executors are responsible for the estate issues stated in the will.

Finding a person willing to be a co-administrator is often challenging. They have significant responsibilities and no compensation for the additional role.

Handling assets of minors requires special care and adherence to legal procedures, and it is not viable to just decide on low estate values.

Financial securities for the administration bond need to be submitted for estate handling. This step can be omitted in presence of a valid will.

A will simplifies estate handling due to prior executor appointment, avoids complications associated with additional administrators, and provides a framework for handling estate issues.

A will empowers executors to manage the estate investments and concerns upon the death of the individual and makes this process more efficient.