In case you’re wondering, an executor of will is a person tasked with carrying out a person’s will and testament after their demise. There is a legal authority and responsibility placed on the person.
Being an executor of will in NSW is considered a privilege as it proves that the de ceased person trusts you with such an important task.
This position is very much backed by the state. The judiciary has laws that protect the professionals and their interests.
There are even provisions for professionals to be paid for this task. However, many are usually family members who pass on this wage.
In this article, we shall be discussing the different responsibilities an executor of will in NSW has. Let’s cut the chase and get right into it.
- Filling The Will
The first thing an executor of will is responsible for is the filing. They are expected to present the file in a probate court and document it.
This task also includes finding, reading, and understanding the last testament. A probate can not be adequately filed without proper knowledge of the document.
- Probate Decisions
In some cases, the executor of will is allowed to decide which property is presented before a probate. It is legal to omit some properties from a probate and pass them without filing. This usually occurs when the deceased has jointly owned property.
This property can be passed on without any probate process needed.
- Informing Affiliated Institutions
All financial and governmental institutions affiliated with the deceased should be promptly informed about his demise. These include banks, credit card companies, and their workplace.
- Set Up Accounts
An executor of will is also responsible for creating accounts that would be used for all the financial transactions involved.
All the money coming in or leaving should be controlled from one account, making the process more accountable.
Also, all the bills and mortgages involved can be sorted out using this account.
- Represent In Court
In some situations where there is a dispute, the executor of will is responsible for the estate’s representation.
Depending on the case, they are expected to appear before the court on behalf of the estate.
- Maintain Property
Depending on the instructions in the deceased’s testament, an executor of will in NSW may have to hold on to a property or fortune for a certain period or timeframe before it can be passed down.
They are legally obliged to maintain such inheritance until it can be passed on according to the deceased’s wishes.
- Asset Distribution & Disposal
As you would expect, executors are in charge during the entire estate distribution process. They are obliged by the deceased testament. However, the intricacies of the process still lie in their hands.
Sometimes, unaccounted assets are still available after all allocation and debts have been serviced.
In these cases, these executors are charged with disposing of them.
The roles and responsibilities charged to an executor of will in NSW are pretty intimidating. However, we know that you are more than capable of carrying out the task with proper knowledge. Good luck and God bless.