The Executor of your Will is the person appointed by you who becomes responsible for carrying out the terms of your Will and your wishes. Choosing who to appoint as your Executor is not an easy task.
The duties of an Executor can be time-consuming and at times confusing. This is especially true for family members who are grieving over the loss of a family member and now have to act as the Executor of their estate.
Here we will list some of the duties an Executor may have:
Possible Duties of an Executor
- Obtain the death certificate
- Notify certain organisations of the date of death, eg. Centrelink, utilities, banks, Australian Taxation Office, VicRoads, superannuation etc.
- Determine what assets the deceased held and their value.
- Retrieve original Will.
- Obtain a Grant of Probate. This is a stamp of approval from the Court that the Will is valid and authorises the Executor to administer the estate. Depending on the value of the estate, this is not always necessary.
- Notify all beneficiaries stated in the Will.
- Determine if there are any interstate or overseas assets and whether a 're-seal' in that jurisdiction is required in order to deal with those assets.
- Decide how to deal with each asset.
- Pay any debts of the estate and deal with any tax issues before the estate is distributed.
- Deal with any challenges to an estate.
- Keep records of the money coming in and out of the estate.
- Distribute the estate as per the Will and the wishes of the deceased.
- If need be, establish trusts for the beneficiaries who are under 18 years of age or those that are mentally incapable of handling their own funds.
How Legal Essentials can help an Executor
The person you choose to appoint as your Executor needs to have the time to commit to the role in an impartial and reliable manner.
Due to time constraints and being emotionally involved with the deceased, the family or friends of the deceased who have been appointed as the Executor of the estate may find the role difficult. Therefore, it can be wise and helpful to engage the services of a professional who can assist the Executor with the role.
Legal Essentials can provide expert services to your family and friends in a compassionate, reliable and sensitive manner. We are experienced in the area of estate administration and are able to give quality advice and guidance to ensure all matters are dealt with correctly.