When a person dies and leaves a valid Will, it will name an individual or several individuals as “Executors”. The Executor is sometimes also called the Trustee of the estate, or the deceased’s Legal Personal Representative.
The Executor has a duty to hold the estate of the deceased in a safe and secure way until it can be distributed according to the terms of the Will.
You may be required to obtain a grant of Probate of the Will to enable a financial institution to release funds held in accounts of the deceased.
You may also be required to:
- Find and notify the beneficiaries named in the Will;
- Check and protect the assets in the estate;
- Confirm that the assets are insured;
- Collect and store valuables;
- Bank any income;
- Deal with debts and liabilities like Land Tax or personal debts of the deceased;
- Prepare tax returns and get income tax clearances;
- Transfer or sell assets;
- Prepare financial statements;
- Distribute the estate to the beneficiaries.
As Executor, you can be held responsible if there are errors in administering the estate. If you failed to insure some assets despite having funds in the estate available for this, and property was damaged as a result, you may be held liable.
If you feel overwhelmed at the prospect of being an executor, you can seek the professional assistance of a solicitor or you are able to renounce this role to the Court.
If you need assistance in your role of Executor, call the team at A.L.F. Lawyers and we will be happy to give you advice along the way and walk you through the process.
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DISCLAIMER – The information on this article is of a general nature only and may not reflect recent changes to certain areas of law. It should not be relied upon as a substitute for discussing your situation with a qualified legal practitioner A copy of this disclaimer should be attached to any material taken from this website.