Monday 18 July 2011

What is an Executor ?

What is an Executor ?

The executor of a Will is responsible for carrying out the wishes of a person after they die. The role of the executor is to manage the estate within the terms of the Will and protect the assets of the estate. The executor of an estate must comply with various laws and rules that govern the administration of deceased estates.
Normally a spouse or next of kin is nominated executor in a Will but sometimes the job may require someone with more business or legal expertise, depending on what might be required of them.Many people when nominated as an executor are unsure of what is expected of them. The duties of an executor can be complex and demanding and require an understanding of the law, tax and accounting requirements.
There are many steps involved in being an executor. The duties of an executor may include:
  • Attending to funeral arrangements
  • Locating the Will
  • Applying to the Supreme Court for a grant of Probate of the last Will (Probate is a formal document that confirms the executor and gives them permission to administer the estate)
  • Determining the beneficiaries
  • Collecting assets
  • Making sure all claims and debts are received, assessed and paid if substantiated
  • Distributing assets according to the terms of the Will, including managing longer term trusts
  • Preparation and management of accounts
  • Preparing and lodging taxation returns
  • Defending litigation

2 comments:

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  2. It is very informative post.Thanks for sharing the information.
    When someone has passed, it is usually the executor of their Will who administers the estate and handles the disposal of the assets and debts,therefore executor plays the important role in distributing the wills.probate lawyers

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