What you need to know if you’re an Executor!
- April 4, 2023
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Have you agreed to be the Executor for someone’s Will?
It is common for people to agree to be an Executor without fully realizing the responsibilities that they are undertaking.
What is an Executor?
An executor is a person nominated to manage the estate and carry out the wishes of the Will Maker.
What are the Executor’s responsibilities?
Responsibilities of an executor can include:
- Organizing the funeral of the deceased.
- Locating the Will and ensuring that it is valid.
- Notifying institutions such as the Australian Tax Office, Centrelink, Medicare and Banks of the deceased’s death.
- Finding and contacting all beneficiaries including any who live interstate or overseas.
- Obtaining a Grant of Probate if and when required.
- Paying for any outstanding bills and debts of the deceased from Estate funds.
- Distributing the Estate’s assets to any beneficiaries as well as managing any liabilities.
- Engaging a lawyer if the Will is contested and working to manage the dispute and reach a resolution.
Many of the above responsibilities can be time consuming and difficult to understand. It is important that an Executor understands what is required of them to prevent any personal liability if errors are made when administering a Will.
Some common examples of how an Executor can be held personally liable include:
- Loss arising from unreasonable delay in the administration of the Estate.
- Loss of an uninsured asset.
- Loss arising from error or lack of diligence.
At Kingston Lawyers, we have an experienced and efficient Estate team who can assist you in fulfilling your duties as an Executor. Contact our office on 03 9585 6455 or email us at email@example.com to speak with our team.