What Does the Role of an Executor of a Will Entail? - Farag & Co Lawyers
Introduction:
The role of an executor in a Will is critical. As the person who has passed has put all of their faith in the person they’ve nominated to take care of a lifetime’s worth of assets accordingly, there’s a lot of responsibility involved. With that said, what are those responsibilities and how does one go about even beginning the process of taking on such a role?
Grant of Probate
If the deceased person has a significant amount of money in their bank account, or if their assets are held solely in their name, you will need to apply for a Grant of Probate at the Supreme court of NSW. This is a court order that validates a deceased person’s Will, giving the executor permission to administer the estate accordingly. You must apply for this within 6 months of the person’s death, so appointing an expert lawyer from the get-go will ensure that the process will be as smooth and painless as possible.
Executor Responsibilities
As executor, the first thing you will need to do is to make a list of everything the deceased owned as well as any payments or assets they were entitled to. This list is known as an inventory of property. Common assets included in the inventory of property are:
Home
Other real estate
Car
Money
Bank accounts
Furniture
Household appliances
Jewellery
Shares and other investments
Insurance policies
Superannuation
Outstanding work entitlements.
If there is more than one beneficiary under the will, you may need to get some items valued.
Paying expenses and debts
Once the Supreme Court grants probate, you have to pay the deceased’s expenses and debts before you can give away any assets or money. To do this, you will need to open a bank account in the name of the estate and deposit their money into it – both from bank accounts and the sale of any of assets. If you have a solicitor, their firm may have a trust account which you can deposit the money into. There is a set order for paying debts, which goes:
Funeral expenses (you can usually pay these even before probate has been granted)
Administration expenses (e.g. legal costs in obtaining probate)
Outstanding tax, including income tax and capital gains tax
Other debts
What happens if there are disputes?
There are several reasons as to why a Will may be disputed – a beneficiary might feel they’ve been left out or deserve more than they’ve been given; a family member might feel like the deceased wasn’t of sound mind when they wrote the Will or that the deceased was somehow bullied into nominating the executor (undue influence) etc. In any case, if a Will is challenged, the executor is the one who gets sued and has to act as a defendant against the action. In these circumstances, here’s what needs to be done:
– As much evidence as possible needs to be gathered to prove why being nominated the executor is valid and also why whomever is contesting the Will has no grounds.
– Gathering information to reply to affidavits from parties claiming.
– All assets need to be held onto until the dispute is completely resolved.
Having to deal with the passing of a loved one is an extremely emotional and difficult thing to process as it is but having to then deal with the legal proceedings that follow can be an unwelcome burden. And if you’ve been nominated executor in their Will – especially if it’s being contested – it cannot be stressed enough how important it is to have someone who is highly experienced in the field, assisting you with what can be quite the stressful legal battle.
At Farag & Co Lawyers, we truly understand the difficulty that comes with the grieving process so will ensure the smoothest legal proceedings take place – because we care for you. Book in an appointment today!!
