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Executor Responsibilities And Powers
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The provided text outlines the executors responsibilities and guidelines for managing the estate: 1. Executors should ensure the division of the estate as outlined in Part A of the will. 2. They should consider tax implications to handle assets most cost-effectively. 3. Executors may distribute more of an asset or benefits to a specific beneficiary or trust. 4. Before using their powers, executors should seek suitable tax and other advice. 5. The division of the estate should ensure each primary beneficiary gets a proportionate share of the total wealth (including estate and non-estate assets). 6. The total wealth includes superannuation, death benefits, and the remaining estate balance. 7. Executors must calculate the total wealth, each beneficiarys total wealth entitlement, and adjust entitlements accordingly.Full Conversation
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The document you've provided appears to be a section of a will. In summary:
*. Janet Caroline Hogan and Sarah Margaret Thompson, daughters of the will maker, are primary beneficiaries, provided they outlive the will maker by 30 days.
*. If either daughter doesn't survive, their children who meet certain conditions will inherit their share.
*. "Children" is defined within the will and excludes stepchildren and foster children.
*. Janet Caroline Hogan and Sarah Margaret Thompson, daughters of the will maker, are primary beneficiaries, provided they outlive the will maker by 30 days.
*. If either daughter doesn't survive, their children who meet certain conditions will inherit their share.
*. "Children" is defined within the will and excludes stepchildren and foster children.
can you summarise the following:
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PART B — EXECUTORS' INSTRUCTIONS AND DISCRETIONARY POWERS
*.
Priorities for Executors
*.*
It is my intention that my Executors administer my Estate in such a manner so as to
give priority to the following:
a)
First to ensure, the division of my Estate between beneficiaries as outlined in
Part A of this Will is maintained; and
b)
secondly, having regard to taxation, to consider the most cost effective
manner of dealing with the assets forming part of my Estate.
*.*
Subject to the priorities in the above subclause, my Executors may pay a greater part
of any asset, benefit or class of asset or benefits to a particular beneficiary or trust
established under this Will.
*.*
It is my wish that prior to exercising their powers pursuant to this Part, my Executors
consider obtaining appropriate taxation and other advice, having regard to the
circumstances of the relevant Primary Beneficiary.
*.
Direction to Adjust Entitlements
*.*
In this clause, my intention is that the division of the balance of my Estate ensures
that the amount to be held on trust for each Primary Beneficiary is the proportion as
dictated in Part A of this Will, of the Total Wealth (including Estate and non-estate
assets).
Amounts to be Adjusted
*.*
The Total Wealth referred to in this clause is the aggregate of the value of the
following assets:
*
a)
b)
any entitlements to superannuation, and other Death Benefits paid in
consequence of my death to or for the benefit of any of the Nominated Primary
Beneficiaries; and
the remaining balance of my Estate.
Operation of this Clause
*.*
As a summary of the operation of this clause, my Executors must:
a)
calculate the Total Wealth; then
b)
calculate the Total Wealth Entitlement for each Primary Beneficiary; then
c)
calculate the Relevant Amounts attributable to each Primary Beneficiary; then
d)
calculate the Relevant Reduced Amount for each Primary Beneficiary; then
e)
use the Relevant Reduced Amount as the entitlement of the Primary
Beneficiary to the remaining balance of my Estate; and
f)
adjust the other entitlements to the remaining balance of my Estate
accordingly.
This section lays out instructions for the executors of the will:
*. Executors should prioritise maintaining the division of the estate among beneficiaries as outlined in Part A of the will.
*. Executors should also aim for the most cost-effective approach in dealing with estate assets, considering tax implications.
*. Executors can allocate a larger portion of any asset to a specific beneficiary or trust.
*. Executors should seek tax and other advice before exercising their powers.
*. The division of the estate should ensure that each primary beneficiary receives a proportionate share of the total wealth (estate and non-estate assets).
*. The total wealth includes superannuation, death benefits and the remaining balance of the estate.
*. Executors must calculate the total wealth, the total wealth entitlement for each beneficiary, and adjust the entitlements accordingly.
*. Executors should prioritise maintaining the division of the estate among beneficiaries as outlined in Part A of the will.
*. Executors should also aim for the most cost-effective approach in dealing with estate assets, considering tax implications.
*. Executors can allocate a larger portion of any asset to a specific beneficiary or trust.
*. Executors should seek tax and other advice before exercising their powers.
*. The division of the estate should ensure that each primary beneficiary receives a proportionate share of the total wealth (estate and non-estate assets).
*. The total wealth includes superannuation, death benefits and the remaining balance of the estate.
*. Executors must calculate the total wealth, the total wealth entitlement for each beneficiary, and adjust the entitlements accordingly.
PART B — EXECUTORS' INSTRUCTIONS AND DISCRETIONARY POWERS
*.
Priorities for Executors
*.*
It is my intention that my Executors administer my Estate in such a manner so as to
give priority to the following:
a)
First to ensure, the division of my Estate between beneficiaries as outlined in
Part A of this Will is maintained; and
b)
secondly, having regard to taxation, to consider the most cost effective
manner of dealing with the assets forming part of my Estate.
*.*
Subject to the priorities in the above subclause, my Executors may pay a greater part
of any asset, benefit or class of asset or benefits to a particular beneficiary or trust
established under this Will.
*.*
It is my wish that prior to exercising their powers pursuant to this Part, my Executors
consider obtaining appropriate taxation and other advice, having regard to the
circumstances of the relevant Primary Beneficiary.
*.
Direction to Adjust Entitlements
*.*
In this clause, my intention is that the division of the balance of my Estate ensures
that the amount to be held on trust for each Primary Beneficiary is the proportion as
dictated in Part A of this Will, of the Total Wealth (including Estate and non-estate
assets).
Amounts to be Adjusted
*.*
The Total Wealth referred to in this clause is the aggregate of the value of the
following assets:
*
a)
b)
any entitlements to superannuation, and other Death Benefits paid in
consequence of my death to or for the benefit of any of the Nominated Primary
Beneficiaries; and
the remaining balance of my Estate.
Operation of this Clause
*.*
As a summary of the operation of this clause, my Executors must:
a)
calculate the Total Wealth; then
b)
calculate the Total Wealth Entitlement for each Primary Beneficiary; then
c)
calculate the Relevant Amounts attributable to each Primary Beneficiary; then
d)
calculate the Relevant Reduced Amount for each Primary Beneficiary; then
e)
use the Relevant Reduced Amount as the entitlement of the Primary
Beneficiary to the remaining balance of my Estate; and
f)
adjust the other entitlements to the remaining balance of my Estate
accordingly.
The provided text lays out the executor's responsibilities and guidelines for managing the estate:
*. Executors should ensure the division of the estate as outlined in Part A of the will.
*. They should consider tax implications to handle assets most cost-effectively.
*. Executors may distribute more of an asset or benefits to a specific beneficiary or trust.
*. Before using their powers, executors should seek suitable tax and other advice.
*. The division of the estate should ensure each primary beneficiary gets a proportionate share of the total wealth (including estate and non-estate assets).
*. The total wealth includes superannuation, death benefits, and the remaining estate balance.
*. Executors must calculate the total wealth, each beneficiary's total wealth entitlement, and adjust entitlements accordingly.
*. Executors should ensure the division of the estate as outlined in Part A of the will.
*. They should consider tax implications to handle assets most cost-effectively.
*. Executors may distribute more of an asset or benefits to a specific beneficiary or trust.
*. Before using their powers, executors should seek suitable tax and other advice.
*. The division of the estate should ensure each primary beneficiary gets a proportionate share of the total wealth (including estate and non-estate assets).
*. The total wealth includes superannuation, death benefits, and the remaining estate balance.
*. Executors must calculate the total wealth, each beneficiary's total wealth entitlement, and adjust entitlements accordingly.