If a beneficiary is a minor, how many executors are required?
Answer:
Where there is a minor beneficiary, a minimum of two executors is required.
Koha's system is designed to detect when a minor is involved and prompt the relevant trustee/executor requirements.
Should an alternative guardian be appointed?
Answer:
It is recommended. This provides a backup if the first-choice guardian:
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Passes away
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Declines the role
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Is otherwise unable or unwilling to act
Without an alternative arrangement, the matter may ultimately require the court to determine who should act as guardian.
Can the executor and guardian be the same person?
Answer:
Yes. The executor and guardian can be the same person if the testator wishes.
They can also be appointed as different people.
What is the role of an executor?
Answer:
The executor is responsible for administering and carrying out the instructions in the Will.
Responsibilities include:
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Obtaining the relevant probate
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Signing transfer documents
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Carrying out the estate administration process
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Facilitating distribution of assets to beneficiaries
What is the role of a guardian?
A guardian is responsible for the care and guardianship of a minor child.
The role is different from that of an executor:
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Executor: administers the deceased person's estate.
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Guardian: has responsibility relating to the minor child.
What is the role of a trustee when there is a minor beneficiary?
Answer:
A trustee may hold property or assets on behalf of a minor beneficiary.
For example, where a property is left to a minor who cannot yet receive the property directly, the property may be transferred to a trustee to hold until the beneficiary reaches the relevant age.
What happens if one parent dies and the surviving parent is still alive?
Answer:
Where the surviving parent is the child's natural/legal guardian, that surviving parent may automatically be recognised as the child's guardian.
Does a step-parent automatically become the guardian of a child from a previous marriage?
Answer:
Not necessarily.
Where the child is from a previous marriage and the surviving spouse is not the child's biological parent, the Will should specifically address the intended guardianship arrangement.
If this situation is not clearly addressed, a court application may be required.