How to Avoid Running into Problems When Executing a Complex Will

Whenever somebody is appointed as an executor to a complicated and mature estate, they need to realise how important and challenging the task ahead really is. Any individual who agrees to perform such a task should request and even require that they are provided with full details so that they can do their job properly. In order to avoid problems down the road, what are some of the key points to remember when drawing up these important legal documents?

Key Goals

First and foremost, the executor should insist that they are provided with clear guidance to help them engage the tasks. The number one goal must be to avoid the development of disputes caused by inadequate or missing instructions. They also need to ensure that their decision-making is seen to be fair and understandable.

Trust Management

In particular, any family trusts should be directly addressed so that the identity of the person who will take control is made clear. How are the assets shared and how is the entire process engaged?

Superannuation Challenges

Clear guidance must also be given with regards to superannuation funds. This can be a particularly complex area, especially when it comes to tax issues. The last thing that an executor wants is to make a wrong decision that could result in long-term repercussions.

Explained Options

When a will is developed, the future needs of many beneficiaries may be unclear. As a consequence, it's a good idea for instructions to be issued to outline the various types of trust the beneficiaries may elect to use. When all options are spelt out, this gives the executor the chance to make the right decisions in the best interests of the beneficiaries, at that time. It's best to do this with a wills and estate lawyer.

Crisis Provisions

A family trust can be a very valuable legacy, but it can also turn into a nightmare if the trustee powers were not settled very clearly. In particular, crisis provisions should be included so that issues affecting one beneficiary do not compromise the entire operation of the trust. The more detailed the provisions and the instructions, the more likely the estate's assets will be protected from complex trouble.

Professional Team Help

Finally, it's always advisable to include a team of financial and legal advisers whenever the initial will is being drawn up. These individuals will be able to provide clear guidance at the time. Their contact details should also be included in the body of the will and specifically in relation to the operation of the trust so that executors and beneficiaries can consult them if needed.