Frequently Asked Questions

If you don’t have a Will when you pass away you are said to have passed away “intestate”. The Courts will apply a legal formula to decide who will receive your assets. Your assets will be distributed according to a rigid formula set down by the laws of intestacy.These laws may:Force the sale of the family home or other family assets so other Beneficiaries can claim their share of the assets accordinglyNot provide future financial protection for your children or grandchildren or any other dependentLeave incapacitated members of your family without adequate support or financial securityMay give your assets to the government if you have no relativesFurthermore you will have no say in who administers your estate or who may be appointed guardian of your children if they are under eighteen (18) years of age. If you do not have a Will, any family member may apply to the court for letters of administration which, in effect, gives them the power as Executor of your estate and they may legally administer your estate at their discretion.

Executors are persons who you trust to dispose of your assets in accordance with the instructions in your Will. It is important to select someone who has an understanding of legal and financial matters so they can properly administer your estate. In most cases they will be entitled to a commission for the work required to administer the estate. The Executor, in effect, steps into the shoes of the deceased person and winds up the deceased person’s personal affairs.Some tasks usually performed by an Executor include:Locating the WillArranging the funeralApplying for probateObtaining a death certificateInforming investment bodies of the deathLocating family and BeneficiariesLocating and assessing the value of assetsPaying debts, income tax, funeral expensesTransferring assets and paying stamp duty; andDistributing any surplus to Beneficiaries.Your Executor may require the assistance of a solicitor to deal with the duties and obligations of administration or you may choose to nominate Ramsden Bow Lawyers as a professional Executor to administer your estate in an independent and professional manner.

ou can nominate a maximum of four Executors to act. You should obtain each Executor’s consent before making a nomination. Your Executor can also be a Beneficiary. In selecting your Executors, you should keep in mind the following:If you intend to leave the majority of your assets to a single person, such as your Spouse, then usually that person should be nominated as one of your Executor. You can nominate an independent person, such as a friend or advisor, who you trust to act as co-Executor if you wish. It will be the responsibility of both Executors to work together in this situation.Consider the Executor’s age before nominating them.Especially if you nominate an Executor who is likely to pass away before you. If you nominate someone who is older than you, then you should consider nominating a substitute Executor as well. You should also consider having substitute Executor(s) in the event a nominated Executor cannot act for some reason. For example, the complexity of administering the estate might be too complicated or your primary Executor is no longer available.