The job of an executor of a will in NSW is to manage the estate of a deceased person after their death. This means carrying out their wishes and making sure that assets are divided up appropriately. It also means paying off any debts and resolving any financial obligations. Additionally, they are involved in carrying out funeral arrangements.
The executor of a will in NSW is mainly responsible for working out the value of the deceased estate. This involves taking inventory of the property and assets of the deceased to work out what it’s total value is. An executor of a will in NSW will look at property, personal belongings, cash and any investments the deceased had. They will then settle any debts and divide up the remaining.
Tasks that they may undertake include letting beneficiaries know that they were name in the estate, looking after business interest and ensuring that investments are looked after. They also must secure assets and property.
The executor of a will in NSW may also be responsible for managing trusts and preparing statements. If needed they may also look after tax returns and seek probate.
Here’s what you should keep in mind.
A year is expected
A year is usually the maximum time that it should take to administer a will but in some cases it can take much longer.
You don’t have to agree
People who were named as the executor of a will in NSW don’t have to take on the responsibility if they don’t want to and instead can ask the court to appoint someone else, but it can’t be changed later.
Payment is possible
Generally, the executor of a will in NSW will not receive payment but it is possible for there to be a provision in the will that would see them paid. People can take certain expenses from the estate however, even if they aren’t being paid.
What do they need to do after someone dies?
Following a death, the first thing the executor of a will in NSW should do is locate the will and other documentation. Often this is located in the home of the deceased or left with a lawyer. Anyone who has been named as the executor of a will in NSW should make sure they are familiar with the tasks they need to undertake and should make sure they read through the documents to understand what the final wishes of the deceased were.
What’s involved in the process?
The first thing that happens following someone’s death is accessing the documentation and going through funeral arrangements. Sometimes the documents will lay out specific requests relating to the funeral and it’s up to the named person to carry those wishes out to the best of their ability. At other times there are no specific wishes to follow through with and it’s left up to the person administering the will. After the future an application of probate will must be approved by the courts to proceed. Probate basically says that the document is valid. People who are managing the wishes of a deceased loved one are advised to seek out legal advice as it can be a complicated process and it carries with it a number of obligations. There can be serious ramifications for failing to meet obligations when it comes to the wishes of a deceased person so people should keep this in mind before agreeing to take the responsibility.
If you have questions consider consulting a lawyer as this can provide some clarity.