Who should I appoint as my executor?
The executor of a Will is the person/persons responsible for carrying out the wishes of a person after they die.
Many people when nominated as an executor are unsure of what is expected of them.
There are many steps involved in being an executor. These can include:
· attending to funeral arrangements
· locating the Will
· applying to the Supreme Court for a grant of probate of the last Will if necessary (probate is a formal document that confirms the executor and gives them permission to deal with the estate. A solicitor is usually engaged by the executor/s to attend to this)
· determining the beneficiaries (if they are not personally named in the will)
· collecting assets (finding out exactly what property, such as real estate, bank accounts etc the deceased owned)
· making sure all claims and debts are received, assessed and paid if substantiated
· distributing assets according to the terms of the Will, including managing any longer term trusts
· preparing and managing any accounts
· preparing and lodging tax returns (usually with the help of an accountant)
· defending any claims on the estate.
This sounds complicated, so who should I appoint as my executor you ask?
Well, most people’s wills are fairly simple and they appoint one of their beneficiaries such as their spouse, one or more of their children, or a trusted friend as their executor/s. This is because these are the people that they would want to be in charge of arranging their funeral, they know where the will is and where all other important papers are, who the beneficiaries are, what assets are owned, what debts are owed and who the accountant is. The only rule is, they must be over the age of 18.
If your estate is complicated, or you simply don’t have anyone that you feel would be able to attend to the above tasks, you can appoint a solicitor (if they agree to act as your executor) or the NSW Trustee and Guardian. There will be fees payable from the estate if you do this.
We are more than happy to provide you with advice and assist you to make your will. You can use our SIMPLE ONLINE FORM or CONTACT US today for an appointment in your own home.
Disclaimer: The contents of this article do not constitute legal advice and should not be used as such. Formal legal advice should always be sought in these matters. If you would like to discuss this or any other matter please CONTACT US for an appointment.