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A Guide to Estate Planning

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An Executor must act in the best interest of the beneficiaries

Executor must act in Beneficiaries best interest

Choosing your Executor is not a decision to be taken lightly. It must be a person (or people) who you trust to do the job properly, and with the time, support and interest to be able to do so.

An Executor must act in the best interest of the beneficiaries at all times and must avoid any conflict between his/her personal interests and those of beneficiaries.

In a recent case, the Executor (the Deceased’s accountant) paid himself over $180,000 as remuneration for his work. To make matters worse he:

1) refused to provide information to beneficiaries;
2) failed to pay estate liabilities;
3) mixed his own money with estate money; and
4) failed to promptly administer the estate.

The court has power to revoke a Grant of Probate where it is in the best interests of the beneficiaries to do so and, while the court is usually slow to remove an Executor, it had no hesitation in doing so in this case and appointed the NSW Trustee & Guardian in his place.

All this would have cost the estate enormously in both money and time lost.

Contact a member of our Wills & Estates Team for expert advice and support.


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