If you have been named as Executor in the Will of a deceased spouse, parent or other loved one, we can help you through what can be a traumatic time for you and your family.
There are a number of Executor duties that should be fulfilled including:
- May need to arrange the funeral;
- Collects and distributes the assets of the deceased;
- Arranges to pay the debts of the deceased;
- May have to file tax returns;
- Undertakes other duties as directed under the Will.
To complete these tasks a grant of Probate of the Will (a proving of the terms of that document) may have to be applied for from the Supreme Court. The formal requirements for the grant include publication of intent, the preparation of a complete list of assets and liabilities of the deceased and the filing of certain documents at Court.
The Executor has the responsibility to correctly distribute estate assets. It is sometimes necessary to publish a notice of intention to do so.
Of course, you may not wish to take on the role of being an Executor. This could be for a variety of reasons including your own health, you may live interstate or overseas, or you may not be a close family member. You can renounce the role of Executor and should you do so, the terms of the Will still apply but the estate procedure is different.
If there is no Will the deceased in that situation is said to have died intestate and certain rules apply. A Grant of Letters of administration may be required. Additional certificates of identity and other matters to establish the entitlements of individual family members are required to be filed.
For further advice on being an Executor, or advice on what to do when there is no Will, please call Calvin Nelson & Co.