To help you nominate the right person, here’s a rundown of what a Will executor’s tasks include.

What do executors of Wills do?

The executor of a Will has to:

• Administer your estate after you pass away
• Ensure all debts are paid
• Close your accounts
• Oversee the disbursement of inheritances in accordance with your wishes

It is also usually the executor’s job to arrange your funeral. They can use funds from your estate to pay for it.

The Will executor may need to go through the process of probate. This is a court order granted by the Supreme Court of Queensland that confirms:

• the Will is valid
• the executor has permission to distribute the estate

Probate is usually required if you leave behind property and a substantial amount of money. Grants of probate usually take around 20 business days and the process includes:

• gathering supporting documents such as an affidavit
• publishing a probate notice
• waiting 14 days
• submitting a probate application
• responding to Requisitions from the court.

After probate is confirmed, the person responsible for executing your final wishes and finalising your estate will have to answer the following questions:

• What do you wish to happen to your remains?
• Who needs to be notified about your passing?
• What will happen to your property and belongings?
• Who is entitled to what percentage of the money that comes from the sale of property and other assets / who are the will’s beneficiaries?
• How will belongings and funds be distributed?

Your executor will ideally have access to your accounts after you pass away. If you have a list of providers for them to get in touch with, they will find the process much easier. Consider your:

• Phone and internet provider
• Gas/electricity provider
• Insurance providers
• Subscriptions (e.g. Netflix etc)
• Gym memberships
• Housekeeping services etc

Think about bank, superannuation and investment accounts as well; it can take a long time for your executor to access accounts (executors generally can only access your bank accounts once probate has been granted by the Court.)

Ask your lawyer to hold onto these details for safekeeping.

Who should execute your Will?

Being executor of a Will can be stressful and time-consuming. When you nominate someone, keep this in mind.

Most people choose a family member or trusted friend. Sometimes, two people are nominated, either to execute the Will together or as an alternative if the first choice is unavailable or incapable of taking on the responsibility.

Often, siblings are nominated as joint executors. This can help ensure everything is kept ‘fair’ during the Will execution process.

Some things to consider include:

• You can nominate someone who is a beneficiary
• You can add a clause to your Will to ensure your executor is compensated for their time and efforts
• If you appoint joint executors, make sure they are able to work well together
• You can nominate a lawyer or trustee instead of a family member. Usually, payment for their services will come out of your estate but make this clear when you ask them to act as executor, so they don’t come up against pushback from your family.

If you do nominate a family member, they can work in conjunction with a solicitor to ensure they get everything right.

Make your executor’s life easy

A rushed or unclear Will can make things very difficult for an executor. The more questions you can clearly answer in your Will, the better.

Write down your wishes in a formal Will, store relevant information safely with a lawyer and have everything prepared formally and correctly so you don’t create unnecessary stress for your executor when the time comes.

The right approach to Wills and executors will give you and your family peace of mind. Reach out to Legal Affairs Lounge to start preparing your will today.

Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for legal advice. Whilst the information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact upon the accuracy of the information.

If you’ve had money difficulties but want to hold on to your business and feel like there is hope for a positive outcome, one solution can be to press ‘pause’ and get help to restructure your debt.

Here’s an explainer of simplified debt restructuring for Australian small businesses.

How does restructuring help to save businesses from insolvency ?

In the past, Australian businesses facing insolvency have had no choice but to be placed in the hands of a liquidator. Updates made to the law in 2021 mean that if your business has less than $1 million in debt, you have more options and the ability to stay in control while you figure out your next steps.

Referred to as ‘simplified debt restructuring’, this process requires your business to appoint a Small Business Restructuring Practitioner (SBRP) to help restructure your unsecured debts (outside of what you owe your employees) so you can avoid insolvency. If your company is in trouble, this practitioner will work with you and your creditors to come up with a plan that will take care of and relieve debts.

To be eligible for debt restructuring, your business must:

• Have less than $1 million in liabilities (not including employee entitlements)
• Be either insolvent or likely to become insolvent at some future time
• Be up to date with the payment of employee entitlements
• Be up to date with all tax lodgements (not necessarily tax debt)
• Not be under other restructuring or administration including a Deed of Company Arrangement or liquidation.

It’s also important that none of the business directors have gone through a similar process in the last seven years (your SBRP will check to ensure you meet all the requirements during your initial discussions).

If you are eligible for debt restructuring and your creditors agree to the proposal put forward, your business can continue to trade and avoid insolvency.

Your restructuring plan

Your SBRP will have 20 days to come up with a way to pay back the money you owe or absolve you of your debts. You’ll need to share all your financial information so this person can identify the best way to move forward.

Your plan may specify ‘cents in the dollar’ that you will repay or detail how you will return money to your creditors. It’s worth noting that additional debts incurred after you have enlisted the help of a restructuring expert will not be included in your plan.

Working closely with your SBRP, you’ll create a restructuring proposal statement, which includes a schedule setting out the company’s creditors, and the amount they are owed by your company.

Throughout the process, you’ll stay in control of your company and be able to trade. Once you have a debt restructuring plan, a proposal will be put to your creditors, who have 15 business days to accept or reject your suggestions.

Why restructure your debts?

It’s never a great feeling to reach out for support but if your company is in financial trouble, you can undergo the debt restructuring process and have temporary relief from the fear that your creditors can enforce their claims against you.

If more than 50 per cent of voters agree to the terms you put forward, your company can continue to trade and you can pay off your debts according to the plan.

How does a small business restructuring practitioner help?

The rules and process for restructuring debt are complex, which is why it’s mandated that you reach out for the support of a registered specialist.

Your SBRP will firstly confirm you are eligible for debt restructuring. Then they will get to know your business, prepare your plan and circulate it to your creditors, confirming at the same time that they believe you will be able to meet your obligations.

Once a plan is made, shared and agreed on, your small business restructuring practitioner manages the disbursement of payments to your creditors, based on the terms set out in the plan.

While simplified debt restructuring has saved many small businesses since 2021, there is fine print to be aware of. You can read more at treasury.gov.au or reach out to Legal Affairs Lounge for more information.

Disclaimer: The content contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for legal advice.

Some couples can’t reach an agreement on their own. If this is the case, a judge may be called on to make a final decision about asset division, custody etc.

Here are some tips from a Legal Affairs divorce lawyer that explain what’s involved with a formal separation and how you can avoid going to court.

What happens after you separate?

Most couples separate after being together for many years. They have often purchased property together, merged their finances, adopted an animal and started raising a family. Each has also contributed to the relationship in different ways, either financially or by supporting the other person in their career.

When you separate, you have to decide:

• What to do with your property
• How to divide your cash and other assets
• Who will take care of the children and when
• If one partner needs to support the other financially
• Some aspects of your children’s’ future (e.g. whether they will go to private schools and who will cover the cost)

Regardless of how you make the decision, you should have everything officially documented with the help of your Legal Affairs divorce lawyer. This will ensure everything is legally binding.

How to avoid divorce court

People end up in court if they cannot agree on how their assets will be divided, but there are plenty of options to keep you away from a judge.

Your first option is to discuss everything and make a decision as a couple. If your separation is amicable and you don’t have a lot of assets between you, this can be a straightforward process. Take note that while a handshake agreement can feel friendly, you still need to have everything in writing.

You could also work with a mediator. This person can help you decide who is entitled to what, who requires financial support from the other partner and how the children will be cared for. A mediator can explain things clearly and help to remove the emotion from the negotiation process.

The next step is to ask a lawyer to help you resolve everything with your former partner. Divorce lawyers understand what’s generally considered to be ‘fair’ in terms of a separation because they have helped so many couples to go through the process.

Working with a Legal Affairs divorce lawyer can be helpful if you no longer feel comfortable around your partner. You don’t necessarily have to be present during negotiations. If you each have a lawyer, they will represent your best interests and work to reach a mutually beneficial outcome.

There are costs involved with seeing a lawyer, but this professional can help ensure you don’t miss out on funds you’re entitled to. Your lawyer will make sure all money is accounted for during negotiations and check that calculations in terms of financial support are correct. If you suspect your ex won’t do the right thing by you, a lawyer can save you many thousands of dollars.

Going to divorce court

If you and your ex can’t reach an agreement with the help of a lawyer, the next step is divorce court. This is a costly process and it can take a great deal of time before your court date arrives. Often, the judge’s decision will be what your lawyers have recommended anyway.

Awaiting your hearing date can be very stressful. While many people believe the purpose of a divorce lawyer is to represent you in court, the goal is actually to ensure you don’t end up there in the first place.

Avoiding court

Here’s how to stay away from the judge:

• Listen to your lawyer. They know the outcomes of past court cases and will give you advice accordingly. They will also let you know if your wishes aren’t reasonable.
• Don’t attend negotiation sessions if you’re worried you will get angry and make the wrong decisions.
• Take a short break. It’s good to have your divorce resolved quickly but having a little time out to think and regroup may help you reach a resolution.
• Be willing to compromise. It’s not about ‘winning’. It’s about finding a good outcome so you can both move on with your lives.

Divorce is never pleasant but ending up in court adds to the financial and emotional pressure. An experienced and reliable Legal Affairs divorce lawyer will do everything in their power to save you from reaching this point.

Need advice to avoid divorce court? Book your free 45 minute appointment with a Legal Affairs lawyer from Legal Affairs Lounge today.

Disclaimer: The content contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for legal advice.