Estate management glossary

Discretionary trusts

Establishing a trust is a way of preserving assets or funds for a particular person or group. Under your will you can create a tax effective trust designed to provide income to fund your children's education or leave a gift for underage or disabled beneficiaries.

Trusts require professional planning to ensure they are flexible to withstand the test of time and the changing needs of society.

Executor

The executor of the will is the person who administers the estate after death. This person is expected to carry out the following:

• read and understand the will
• organise payment of funeral costs
• prepare a final tax return
• arrange payment of any liabilities
• arrange the sale and/or transfer of real estate
• distribute assets as determined in the will.

Power of attorney

An enduring power of attorney (EPA) allows you to appoint other people to make decisions on your behalf, in the event that you will not be able to make them yourself.

If you become incapacitated and do not have an EPA, your family may need to obtain an order from the court to be granted decision-making authority.

Will preparation

Ensures that your intentions and family needs are met in the event of your death.