If you are named as an executor of a person’s Will you will have the responsibility of carrying out the instructions of the Will to administer the estate to the beneficiaries. Generally, the executor will be required to fulfil the following duties:
– assist in the arrangement of the deceased’s funeral and burial or cremation;
– locate the original Will and confirm the executors and beneficiaries;
– apply for probate to the Supreme Court of NSW and provide the required documentary evidence (e.g. death certificate, Will, details of assets and liabilities);
– arrange payment of any outstanding debts of the deceased (to be paid out of the assets of the deceased estate);
– deal with any claims against the estate;
– lodge any outstanding tax returns for the deceased with the ATO;
– dealing with the assets involves closing bank accounts, selling assets, collecting superannuation and life insurance proceeds;
– distribute the estate to the beneficiaries in according to the deceased’s wishes in their Will. This includes providing a distribution report and statement to the beneficiaries;
– act as trustee for any trusts created by the Will; and
– arrange for money to be made available for the support of any minor (under 18) beneficiaries.
You will require the assistance of an estate planning lawyer to carry out the above responsibilities in order to successfully fulfil the duties of executor.
If you would like more information or legal advice in relation to the role of executor, updating or drafting a Will contact our estate planning lawyers at Matthews Folbigg. Our offices are located in Parramatta.
Phillip Brophy – firstname.lastname@example.org or 9635 7966