Are You a Will Executor?
Have you been chosen by a family member or friend to be the Executor of their Will? This means that you have been given responsibility to manage their estate according to the terms they’ve outlined in their Will and to protect their assets under the laws governing estate administration.
An Executor’s duties may include:
- Organising the funeral and notices for the newspaper;
- Locating the Will;
- Obtaining a copy of the Death Certificate;
- Making sure any property and assets are safe and secure;
- Determining the value of assets;
- Applying for Probate (Formal recognition by the Supreme Court of a Will’s validity and permission for Executors to act for the estate);
- Paying insurance policies, debts and taxes;
- Collecting monies belonging to the deceased from financial institutions and insurance companies;
- Collecting debts owed to the deceased;
- Lodging tax returns for the deceased and for the estate;
- Selling properties and assets;
- Reporting to beneficiaries;
- Distributing the proceeds of the estate to beneficiaries;
- Setting up trusts.
Do I Need a Solicitor?
Estates vary in complexity and an Executor’s duties can be wide-ranging, so it is a good idea to get advice from an experienced Wills and Estates solicitor. The cost of legal advice is usually covered by the estate, not the Executors.
Contact us to find out more and to arrange an appointment with one of our experienced solicitors.