Facts about your Will
- The person you nominate to be your executor is not obliged to accept that role.
- If, in your Will, you give a specific item to a beneficiary that you no longer own at the date of your death, the beneficiary simply misses out, they are not compensated in any way.
- You should update your Will if your circumstances change eg marriage, separation, birth of a child, death of a nominated executor or beneficiary to name a few.
- You cannot leave assets in joint names to another beneficiary, these usually go to the surviving owner.
- You usually cannot leave superannuation and life insurance to someone other than someone you may have nominated with your fund.
- No Will is airtight. You cannot stop someone making a claim against your estate, but you can put in clauses which will assist your nominated executor to defend any claim made.