Executor of Last Will

Paul871 on 18/05/2016 - 12:57
Last edited 18/05/2016 - 15:01 by 1 other user

A friend of mine is writing his last will but doesn't have an executor. Can he write in his last will that the executor should be the local MP at the time of his death? What other options has he got?
Thanks.

• 

  shaybisc on 18/05/2016 - 14:30

  +3

  He can write down anyone's name he wants but no point if they won't do the often onerous job.

  Get the Public Trustee to be his executor. They charge a small fee based on the size of the estate.

  This is from NSW Trustee and Guardian:

  What does it cost to make a Will with NSW Trustee & Guardian?
  NSW Trustee & Guardian does not charge for drafting a Will, and will prepare one for you when you appoint the NSW Trustee & Guardian as executor. We will hold your original Will and other important documents in safe custody - free of charge.

  There is no charge either for updating your Will. Your Will should be updated as your life circumstances change e.g. marriage, birth of a child, or other events that may impact on how you want your assets distributed.

  Government approved charges are incurred when the estate is administered, the following capital commission is only charged on solely owned assets. Fees charged on capital are on a sliding scale; the commission rate reduces as the capital value of an estate increases, as shown in the following table:

  Value of assets % fee payable (incl. GST)
  up to $100,000 4.4
  from $100,001 to $200,000 3.3
  from $200,001 to $300,000 2.2
  over $300,000 1.1

  http://www.tag.nsw.gov.au/fees-and-charges-wills.html

  • 

    whooah1979 on 19/05/2016 - 05:49

    Value of assets % fee payable (incl. GST)

    How can one claim this tax back and who can it?

• 

  GameChanger on 18/05/2016 - 16:25

  -2

  Get you Accountant if you trust him.

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  retiredfeline on 18/05/2016 - 16:34

  I doubt it. Firstly it has to be a named person, or a trustee, not a titular position. Secondly the MP wouldn't have given consent. This suggests your friend is trying to write a will without legal advice. He should get some.

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  Paul871 on 19/05/2016 - 05:24

  Thanks for the advice. I will tell my friend to look in particular into the NSW Trustee and Guardian.