The Executor of your Will is the person appointed by you who becomes responsible in 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 they also 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
- To notify all beneficiaries stated in the Will.
- Determine what assets the deceased held and how to deal with them.
- Obtain a Grant of Probate. This is a stamp of approval from the Court that authorises the Executor to act on behalf of the estate. This is not always necessary.
- Pay any debts of the estate and deal with any tax issues before the estate is distributed.
- Deal with any challenges to an 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.
- Keep records of the money coming in and out of the estate.
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.