The executor of a Will is responsible for carrying out the wishes of a person after they die.
The role of the executor is to manage the estate within the terms of the Will and protect the assets of the estate. The executor of an estate must comply with various laws and rules that govern the administration of deceased estates.
Many people, when nominated as an executor, are unsure of what is expected of them. The duties of an executor can be complex and demanding and require an understanding of the law, tax and accounting requirements.
There are many steps involved in being an executor. The duties of an executor may include:
• Attending to funeral arrangements
• Locating the Will
• Applying to the Supreme Court for a grant of Probate of the last Will (Probate is a formal document that confirms the executor and gives them permission to administer the estate)
• Determining the beneficiaries
• Collecting assets
• Making sure all claims and debts are received, assessed and paid if substantiated
• Distributing assets according to the terms of the Will, including managing longer term trusts
• Preparation and management of accounts
• Preparing and lodging taxation returns
• Defending litigation
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An investment strategy is a documented plan that outlines how your SMSF will achieve its investment objectives while considering the fund's circumstances and the needs of its members. This strategy should guide your investment decisions and help ensure the fund is on track to meet its retirement goals.
A Self-Managed Super Fund (SMSF) offers an unparalleled level of control and flexibility for managing retirement savings. It is a type of superannuation fund in Australia that provides individuals with the ability to manage their own superannuation investments. Unlike retail or industry super funds, SMSFs offer complete control over investment decisions. This level of autonomy allows members to tailor their investment strategies to suit their personal financial goals and risk tolerance.
Managing an SMSF involves several responsibilities and regulatory requirements. Also, SMSFs offer a high degree of control and flexibility and come with significant responsibilities and risks.
While pure life insurance is straightforward, the other personal insurances may differ significantly from policy to policy. Definitions of diseases may vary. There may be a range of optional extras – some valuable, others more of a gimmick. With TPD insurance, you may have the choice of ‘own occupation’ or ‘any occupation’. Insurance companies vary in the speed with which they process claims, and beyond that is the question of which insurances should be held via a superannuation fund and which should be held directly.
