While there are only a few legal rules regulating who can be nominated as a financial controller under an estate plan (i.e. executor, trustee, attorney), there are some common sense principles which can make or break the effectiveness of an estate plan. These are the top 10 mistakes people make when nominating their financial controllers:

  1. Failing to nominate sufficient successors or ‘back ups’ to key roles such as executors, trustees and attorneys
  2. Couples failing to nominate the same people to act as financial controllers (e.g. executors, trustees and attorneys) if they are both unable to act
  3. Nominating different people to act as financial attorneys, executors and trustees so there is a lack of continuity between the different estate planning stages
  4. Nominating a sole trustee of a testamentary trust to manage the trust for minor beneficiaries where that sole trustee is also a beneficiary
  5. Including in-laws to act jointly with blood relatives
  6. Nominating joint financial controllers who are unable to work together
  7. Nominating financially immature beneficiaries to control their inheritance
  8. Forgetting to complete comprehensive instructions for the financial controllers in relation to accessing financial assets, including cryptocurrencies
  9. Nominating people who live overseas to take on key roles in the estate plan
  10. Assuming the estate plan can be “set and forget” and failing to review it annually to ensure it remains appropriate following to changes in circumstances

Download the list HERE: Common mistakes when Nominating a Financial Controller

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