A Last Will & Testament nominates an executor to take responsibility of a person's estate when they die. However, if a person died without making a valid Will, also known as 'dying intestate', their next of kin usually assumes responsibility for the estate. To avoid dying intestate, make or update your Will.
Executors will often be the deceased's next of kin. If a person's affairs are in any way complicated it makes good sense to appoint a mix of family, trusted friends and professionals such as a solicitor. Potential executors will be reassured to hear that they can be a beneficiary under the will.
As a general rule an executor may delegate administration duties i.e. ascertaining and collecting in assets, dealing with payment of Inheritance Tax (if applicable) preparing estate accounts and dealing with the deceased's income tax affairs.
Generally speaking, the next of kin will be the deceased person's surviving spouse (i.e., husband or wife), their de facto partner or their parents. Under NSW's Property (Relationships) Act 1984, a de facto relationship is a relationship where two adult persons, who are unmarried, live together as a couple.
For example, in the case of a deceased male, his father, granddaughter's children, brother and sisters can claim his property under the first category. In the case of an unmarried deceased person, his property will be distributed among his brother, sister and father.
But simplistically, the compulsory heirs are s follows: the children (legitimate, illegitimate, or aadopted) and descendants, parents and ascendants and. the surviving spouse.
- In general, under the Quran a man takes double the share of a woman. Sons take two times the share of daughters. If there are two or more daughters, their share is 2/3 of the estate. - When a man dies leaving a wife and children, the widow receives 1/8 of the net estate.
In NSW, Victoria, South Australia, Western Australia and the Northern Territory separating from your de facto partner will not change your Will and any gift in your Will to your ex-de facto could still be valid, despite the fact that you have separated and divided up your assets.
Unlike with married couples, when one unmarried partner passes, the living partner does not receive any automatic legal right to their deceased partner's property or assets. In this case, with no will, the assets will likely be passed to the deceased partner's family, and their estate is left in the hands of state law.
“Next of kin” refers to your closest living blood relative (or relatives), like your children, parents, or siblings. People related to you by law, like your spouse or an adopted child, are also legally considered your next of kin.
Crucially, an executor cannot change a will without legitimate cause. An executor will change the distribution of an estate if a beneficiary dies before receiving a bequest from the will.
If an executor breaches their fiduciary duty, they may be subject to serious financial and legal ramifications. As the breach of duty will certainly affect the outcome of the estate administration, it is important to take action without delay. The Supreme Court of NSW can order the removal of an executor.
Executor Duties
The court gives the executor the right to act on the decedent's behalf. The executor is responsible for managing the estate's assets. The executor can liquidate assets to pay the bills of the estate or use the funds in the estate to pay these bills.
An executor can be named as an heir or beneficiary. Often one of the heirs offers to be the executor, also known as a personal representative or administrator of the estate. The surviving spouse may act as executor if they are in good health and have the mental and emotional ability to handle the tasks.
Yes, an executor of a Will can also be a beneficiary — someone who is entitled to some part of the deceased's estate. Typically, if the executor is also a beneficiary, the other beneficiaries may be extra diligent in ensuring the executor conducts their role correctly.
Usually an executor will also be a beneficiary of your will. Typically, a spouse, partner or adult child is chosen as executor. However, a friend, lawyer, other professional or trustee company may also act. You may have up to 4 executors from the above categories.
Marital Status After Death of Spouse
A spouse's death legally changes a person's status to “no longer married,” but a person can choose to consider themselves married for as long as they want. There's no right or wrong way in choosing what to call yourself. It all comes down to a matter of personal choice.
Living together with someone is also sometimes called 'cohabitation'. A cohabiting couple is a couple that lives together in an intimate and committed relationship, who are not married to each other and not in a civil partnership. Cohabiting couples can be opposite-sex or same-sex.
There's no rule or timeline when it comes to getting remarried following the death of your spouse. Like grief, the “right time” for everyone is different. For some, it may be a few weeks, and for others, it can be several years. You don't have to stop loving your deceased spouse in order to find love again.
Marriage will revoke any Wills made prior to that marriage unless an exception applies. If you have a Will that was prepared and signed prior to your marriage, then there is a chance that the Will has been automatically revoked and would not direct your estate in the way you might expect or want.
Section 57(1)(d) of the Succession Act 2006 (NSW) provides that a former spouse or de facto partner of a deceased person can make a family provision claim against the deceased's estate regardless of the written intentions in the deceased's Will.
Under the law, a de facto relationship is defined as a relationship between two adults who live together as a couple and are not married to one another or related by family.
Al Quraan 4(11) states that "Allah commands you as regards your children's (inheritance); to the male, a portion equal to that of two females; if (there are) only daughters, two or more, their share is two thirds of the inheritance; if only one, her share is half.
Here are some important pointers one should know about the law of inheritance in Pakistan: Legal heirs can only distribute the assets once the loans, mortgages and other balances of the deceased have been properly settled. In most cases, sons receive twice the share received by daughters.
A childless Muslim widow is entitled to one-fourth of the property of the deceased husband, after meeting his funeral and legal expenses and debts. However, a widow who has children or grandchildren is entitled to one-eighth of the deceased husband's property.