Administrator and executor of Will

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abbby
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Administrator and executor of Will

Post by abbby » Thu, 30 Dec 2021 10:54 am

Anyone had their wills done? I have a few questions regarding the will:

- Do you have to update the Will every time your finance change/properties change/stocks change..?

- Who do you pick as the administrator of your Will?

- Who do you pick as the executor of your will?

I understand point 3 executor usually someone you can trust and younger than us?

Some pointers would be appreciated.
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Re: Administrator and executor of Will

Post by Lisafuller » Thu, 30 Dec 2021 11:20 pm

Would be ideal to update your will regularly to ensure it reflects your most recent assets. Executor is usually a close family member like your spouse or one of your children, you are entrusting them with the responsibility to ensure the assets are distributed according to your specifications, so it’s important to pick someone you can trust. If I remember correctly an administrator only comes into play if you pass on without a will or having an appointed an executor for the will.

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Re: Administrator and executor of Will

Post by Swn4 » Wed, 19 Jan 2022 5:12 pm

abbby wrote:Anyone had their wills done? I have a few questions regarding the will:

- Do you have to update the Will every time your finance change/properties change/stocks change..?

- Who do you pick as the administrator of your Will?

- Who do you pick as the executor of your will?

I understand point 3 executor usually someone you can trust and younger than us?

Some pointers would be appreciated.
It depends how you write the will.
Eg; if you say something like
all my assets go to my spouse or
50 pct to my spouse (named) and 50 pct to my only child (named).*
You could just ensure that you maintain an updated list of your assets, bank accounts, loan details, etc that you keep in a safe place that the executor can access.
Of course, if you own multiple properties and you want different people to inherit each house then you will have to update your will whenever you buy/sell a property or change your mind as to who should receive which house.

Choose your executor well - there will be no payout from the estate if the executor chooses to delay the process - there is no legal remedy for this until the delay is “unreasonable”. Sometimes it is not evil intent, it is just a person being a procrastinator or disorganized.

Before going to a lawyer (personally better to pay for professional services than doing it yourself and messing it up), I recommend reading a few books about this and being clear on your wishes first.

https://www.preceptsgroup.com/book-purchase/

*you should always update when your family grows/shrinks especially if you need to add in a guardian for a new child.


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Re: Administrator and executor of Will

Post by PNGMK » Thu, 20 Jan 2022 10:06 am

For executors some countries or states have a "state trustee" who can act as an executor. They tend to be organized but do charge a fee.

The other issue is that you have assets, presumably, in Singapore and other places. You may need to have two wills in that address each jurisdiction.
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Re: Administrator and executor of Will

Post by malcontent » Thu, 20 Jan 2022 2:02 pm

My brother recently passed away without a will. I initially thought that would complicate things and require a lawyer, court, probate, etc… but it turns out that where he lives (Michigan) there is a special streamlined procedure for small estates that merely requires 28 days to pass, and then the rightful heirs can simply fill out an affidavit and get it notarized — that together with the death certificate is enough for a bank or any other entity holding property of the deceased to turn it over to the heir(s). That said, he was one of nearly 70% of Americans who have less than $1000 to their name. Something that is probably hard to imagine over here.
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Lisafuller
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Re: Administrator and executor of Will

Post by Lisafuller » Fri, 21 Jan 2022 12:28 am

Swn4 wrote:
Wed, 19 Jan 2022 5:12 pm
abbby wrote:Anyone had their wills done? I have a few questions regarding the will:

- Do you have to update the Will every time your finance change/properties change/stocks change..?

- Who do you pick as the administrator of your Will?

- Who do you pick as the executor of your will?

I understand point 3 executor usually someone you can trust and younger than us?

Some pointers would be appreciated.
It depends how you write the will.
Eg; if you say something like
all my assets go to my spouse or
50 pct to my spouse (named) and 50 pct to my only child (named).*
You could just ensure that you maintain an updated list of your assets, bank accounts, loan details, etc that you keep in a safe place that the executor can access.
Of course, if you own multiple properties and you want different people to inherit each house then you will have to update your will whenever you buy/sell a property or change your mind as to who should receive which house.

Choose your executor well - there will be no payout from the estate if the executor chooses to delay the process - there is no legal remedy for this until the delay is “unreasonable”. Sometimes it is not evil intent, it is just a person being a procrastinator or disorganized.

Before going to a lawyer (personally better to pay for professional services than doing it yourself and messing it up), I recommend reading a few books about this and being clear on your wishes first.

https://www.preceptsgroup.com/book-purchase/

*you should always update when your family grows/shrinks especially if you need to add in a guardian for a new child.


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Completely agree with the point about choosing the executor carefully. When my grandmother passed this was exactly what happened- delay after delay because my uncle procrastinated for so long.

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Re: Administrator and executor of Will

Post by ezwills » Thu, 05 May 2022 2:23 pm

Hi Abby

Before answering your questions we declare that we already have ads from time to time in the classified. So please understand that this post is in no way intended as an ad. If you're able to afford to see a solicitor to get your Will made you should consider doing that.

Your question - Do you have to update the Will every time your finance change/properties change/stocks change..?

It's best to start with a well considered Will. That avoids the constant need to change your Will. A well considered Will recognises that no one knows when they will pass and what assets they own at their passing so making a Will that avoids multiple specific gifts reduces the need to update the Will if an asset is sold/disposed of.

Your question - Who do you pick as the administrator of your Will?

Firstly, when making a Will your Will is going to name an 'executor' and not an 'administrator'. An administrator is someone who is appointed to by Letters of Administration to administer an estate if a person dies without a Will.

Please see answer to the next question.

Your question -- Who do you pick as the executor of your will?

(a) someone you trust (you got that one right)
(b) someone you have asked and who agrees to be your executor.

Appointing someone younger only assumes you will not outlive that person. This doesn't always happen.

What is often misunderstood is that you can appoint someone living overseas to be your executor. Granted It is less convenient but all of us have seen in the last 2 years how things can be done nowadays via zoom meetings etc. So don't rule out someone overseas if all fails.

Hopefully we've answered your questions. Good luck getting your Will done but don't take too long doing it.

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