Have you been named as the executor of a will in NSW? Perhaps someone has asked you to act in this position and you’re not really sure whether or not it’s a good idea. It’s definitely not a responsibility that should be taken lightly and if you’re considering being appointed as the executor of a will in NSW by a family member or a friend; there are certainly a few things you should keep in mind. Check out the guide below for all the information you need on the role of an executor of will in NSW.
What are they?
An executor of a will in NSW is basically responsible for ensuring that the final wishes of a person are carried out. You might make a friend, family member or professional person like your solicitor your executor. Carrying out the tasks required of an executor of a will in NSW require a number of skills and decent financial literacy, so before you agree to the role you should think about whether or not you’re the right fit.
The role carries with it a number of complex and quite heavy responsibilities, the main ones you should keep in mind including;
As the executor of a will in NSW you’ll be responsible for the administration of the final wishes of the deceased. To do this properly you’ll need to locate the original document; this is usually straightforward as most people will be told where it is located before the deceased person has passed away.
You will also need to make arrangements for the funeral which can often be distressing. If you agree to take up this position, you’ll need to organize the funeral as soon as you possibly can after death occurs. You will need to make sure that any wishes specified in the will are adhered to. Their wishes must be followed as closely as possible because otherwise, it could mean that you may face legal consequences. It is for instance illegal in the state of New South Wales to cremate a person if it is against their wishes. When making funeral arrangements the person executing the will should make an effort to speak with the persons family to make sure that religious requirements are possibly taken into consideration.
Getting probate granted
Probate is a very important part of the administration of any will. Every executor of a will in NSW should understand how probate works as it’s an essential part of the role. After death, a probate application is required. Probate is basically the recognition of a document’s validity and is required before assets can be provided to those who are to receive an inheritance. Probate is acquired by applying to the courts for a grant. It’s generally quite a straightforward process but might be complicated by a particularly large or complex estate. Before most insurance companies or super providers will release funds, probate is needed. It’s also a very necessary requirement if real estate is to be transferred to inheritors.
An important part of the job of an executor of a will in NSW is protecting an estate’s asset. A person in this position must ensure that they do everything they can to ensure that the assets of an estate are protected and now unnecessarily depleted.
Establishing liabilities and assets
Another important aspect of the job is creating an inventory of an estates overall assets as well as establishing a list of its liabilities. After death any debts will need to be settled and assets transferred to inheritors.