🪦 Wills, estates and executors: what happens when you die?
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What are the essential terms related to wills and estates?
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David, welcome on to the Australian Finance Podcast today.
Thanks, Kate.
It's great to have you here in person and today we're going to be talking about topics that everyone just loves to talk about, death and money.
Well, we have to though, unfortunately. It's a fact of life, isn't it?
Yeah, and this is one of your areas of expertise.
Yes, I'm a senior advisor at State Trustees, so I do the technical advice and support for everything deceased estate related.
Yeah, and they are lawyers that you can access that's funded by the government?
We're a government business enterprise, so we're actually a company. Our shareholder is the treasurer of the state of Victoria, so we're government owned, yes. Yes. And effectively, people think of us as the public trustee.
Okay, so if you wanted a will or someone to help manage your estate, you could see State Trustees?
State Trustees actually write more wills and administer more estates than any other organisation in Victoria by a long way. So the answer is yes, we write lots of wills and powers of attorney and we administer lots of estates.
Yes, so you have a lot of lawyers doing all of this.
Not just lawyers, yes, but we do have lawyers as well. We have lots of different divisions. One of the things is we provide an end-to-end service, so we'll have people in tax and conveyancing and finance as well as lawyers and state administrators.
Yeah, and we probably should mention at the start, this is a Victorian body, and is there one for every state?
Every state has a public trustee, but yes, state trustees operates in Victoria, yes.
Yeah, and when we go through the conversation about wills and estates today, I know sometimes it can be state dependent, can it?
Yes.
What happens if you die without a will?
I mean, unfortunately, we don't have uniform laws as yet. Hopefully, that will come. In lots of areas, we're reasonably common. But yes, there are differences, probably mainly in respect to things like claims on a state. So yes, it is state-dependent.
Okay, so maybe just keeping in mind, if any listeners are outside of Victoria, that things might be slightly different in your state.
Correct, yes. And maybe we'll try to point that out as we... Yeah, a lot of them will be basic concepts that we're talking about, but yes, there can be individual provisions to consider, yes.
Awesome. Well, maybe we kick off the episode defining some of the key terms that are going to come up again and again throughout the conversation, just so everyone's got a base level of understanding.
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Chapters
8 chapters
1
What are the essential terms related to wills and estates?
0:00–3:23
2
What happens if you die without a will?
3:23–6:15
3
How do you create a valid will?
6:15–9:07
4
What common mistakes should you avoid when preparing a will?
9:07–12:31
5
What is the role of an executor in managing an estate?
12:31–16:16
6
How can you ensure your digital assets are managed after your death?
16:16–18:57
7
What is the difference between a will and a power of attorney?
18:57–21:40
8
How can superannuation affect your estate planning?
21:40–55:22
Speakers
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