An executor of will in NSW is someone in New South Wales (NSW), Australia who is named by the maker of a will to carry out his or her final wishes. The fellow can be a professional (solicitor or trustee company) or the s trusted friend or family member.
This job or assignment as the case maybe is a tough one and can be complicated sometimes. This is the reason why many people opt for a professional solicitor or a trustee company. Whatever be the case one should know the best person to handle his or her will in their absence. The best way to know who to give this responsibility is by knowing what they do and if they can do it for you. Let’s look at some roles of an executor of will in NSW.
Common Roles Of An executor of will in NSW
The person appointed as an executor of will in NSW has the following duties:
- Locating the will: The first duty of the appointed person is to locate the will. He or she would obviously have a copy as the deceased would have passed all prior information to him or her before hand.
- Organising the funeral arrangements: It is also in the scope of duty of the executor of will in NSW to arrange the funeral in line with what the will says. This their first duty after the death of the owner and should be carried out as soon as possible. There may be legal consequences if the executor of will in NSW does not follow the wishes of the deceased in the funeral arrangements. He or she works closely with the deceased family to ensure that it goes well.
- Obtaining Probate: Probate is an official recognition that states that the will is valid and legal. It is also his or her duty to obtain this by writing to the Probate Registry of the Supreme Court requesting for a “grant of probate”. It is the probate that will make the banks as well as insurance companies to honour or release any asset belonging to the deceased. It is also needed when real estate is involved.
- Protection of estate: The executor of will in NSW will also ensure that the assets of the estate are protected and that the value does not reduce.
- Determination of assets and debts: He or she will also confirm the assets owned and the debts owed by the deceased at the time of death. To do so, he or she would have to get in touch with banks and other relevant agencies.
- Defending the estate: It is his or her job to defend the estate as this is the same as defending the will. It is best if the executor of will in NSW works with a lawyer here.
- Distribution of estate: When everything is in place and all debts have been settled, the executor of will in NSW can now share the estate to the beneficiaries as stated in the will.
- Keeping proper records: All receipts and all forms of record should be kept safely and securely by him. This will enable him or her to be reimbursed for his personal spending as this is usually an unpaid job.
An executor of will in NSW is very important for the smooth running of affairs after the passing of the will owner. To get one, do your research and find who can tick all the boxes above comfortably.