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.
NSW Trustee and Guardian can be nominated executor in a Will or we can take over the task from someone who has been nominated executor by a friend or family member.
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