Succession law explained
An executor is the person appointed in a Will to execute, manage, administer, direct, and dispose of his or her estate. Depending on the complexity of the estate an executor may wish to engage an expert with experience in the legal tax and accounting requirements. Many people when nominated as an executor are unsure of …
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The simple answer is that the executor is the person named in your will to administer your estate after you die. The executor is responsible for managing the estate, protecting its assets, and carrying out your wishes. You can name as many executors in your will as you like, sometimes people name a solicitor as …
Bob Marley died intestate, at the age of 36, on May 11, 1981. Although he had known that he was terminally ill for some time before his death some say that due to Marley’s Rastafarian faith he did not create a will, meaning that he died intestate. If Jamaican intestacy law applied his wife Rita …
A beneficiary is a person who receives money or other benefits from a benefactor. In relation to deceased estates it is a person who has an interest in your Will. A properly made and executed will creates a Trust at the time of the Will makers’ death. If you have properly made and executed a Will …
Unless you specifically nominate that your death benefit is to be paid to your estate, then generally speaking your Superannuation does not form part of your estate. Normally Superannuation is directed to any beneficiaries under a valid binding nomination or at the direction of the trustees under a non-binding nomination. In either case a Beneficiary …
Your Estate consists of the assets that you are able to give to beneficiaries using a Will. Generally speaking these include assets that you own in your own name and those owned as “tenants in common”. (Where each owner has a separate interest that may be passed to specified beneficiaries. Property owned as a joint …
Pablo Picasso died in April of 1973 at the age of 91 with an estate including assets estimated to be valued somewhere between $100 million and $260 million. Surprisingly he left no Will, and it took over 6 years and $30million to settle the estate. Shortly before his death French Inheritance laws changed permitting illegitimate …
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A Will is a document setting out how you wish your assets to be distributed after your death. Originally the document that was used to distribute your personal property(clothing, furniture, and money) was known as a Testament, and the document disposing of real property (House and land) was known as a Will. Overtime both of …
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