If you have been appointed the executor of an Estate, it is important that you obtain legal advice to ensure that you carry out your responsibilities properly and within the law. Upon the death of a person an executor is chosen to carry out the wishes contained in the Will, and to be responsible for the administration of the Estate of the deceased person, and the distribution of their assets.
Executor’s Responsibilities include:
- Locating the Will;
- Making the funeral arrangements: this is usually done in consultation with the family. The Executor should ascertain whether there is a specific direction or wish of the deceased, whether expressed in the Will or another document, regarding the nature and place of burial or cremation;
- Locating the assets and bringing them into the possession of the executor;
- Protecting the assets: this includes insuring that property is insured and the insurer has been advised of the death;
- Obtaining a Grant of Probate: an Executor is given the right to administer the Estate through the Will, and a Grant of Probate is the formal confirmation of the Court, of this right;
- Collecting valuables and income, including determining all assets and debts;
- Paying out any debts;
- Distribution of the Estate: this includes the payment of legacies and specific bequests, and transfer of assets to beneficiaries;
- Preparing accounting and attending to the tax affairs of the deceased and the Estate;
- Final accounts: preparing a final statement for beneficiaries
The appointed executor must act at all times with care and in the best interests of the beneficiaries. If you have been appointed the executor it is an important job and carries great responsibilities. Our team will assist you in all aspects of Estate administration and ensure that you as the executor carry out the responsibilities lawfully and efficiently.
If you are the beneficiary of an Estate and do not feel the executor is not properly carrying out their responsibilities, you can apply to have them removed.
Contact our team today to discuss your legal issues.