Executors – What are your duties?

August 18, 2016 by admin · Leave a Comment 

What is an Executor?

The executor of a Will is responsible for carrying out the wishes of a person after they die. The role of the executor is to manage the estate within the terms of the Will and protect the assets of the estate. The executor of an estate must comply with various laws and rules that govern the administration of deceased estates.

Below is an overview of an executor’s duties; if you would like a more detailed discussion, please refer to the Law Society of New South Wales pamphlet.

What are the duties of an Executor?

Duties of an executor include:

  • Attending to funeral arrangements
  • Locating the Will
  • Applying to the Court to get permission to administer the estate (known as getting probate)
  • Determining the beneficiaries
  • Collecting assets
  • Making sure all claims and debts are received, assessed and paid
  • Distributing assets according to the terms of the Will
  • Preparation and management of accounts
  • Preparing and lodging taxation returns

How we can help?

The duties of an executor can be complex. Therefore it is important you appoint the right person. We can help you appoint the right person by discussing with you your wishes and taking you through a step by step explanation of the processes involved in obtaining probate.

 

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