EXECUTOR OF A WILL
Some people are surprised to learn that just because you have been named as an Executor of a Will, doesn’t mean that you have to accept it.
Executor of a Will
The very first thing you should consider if you have been made executor of a will is whether or not you actually want to accept your appointment. Some people are surprised to learn that just because you have been named as an Executor of a Will, doesn’t mean that you have to accept it. You can resign. The legal term for this is to ‘renounce’ your appointment.
For a full article on your responsibilities as an Executor and all the aspects to consider please read our article Executor of a Will – Do You Know What To Do Next?
The decision as to whether to accept the appointment as an Executor of a Will must be made early before you have started to deal with the assets and liabilities of the estate.
If you accept the appointment, then your responsibilities are to:
- organise the funeral, if it has not been pre-determined;
- identify the assets and liabilities of the estate, and with the assets, make sure they are secured and insured;
- obtain a Grant of Probate, if required by the asset holders;
- arrange to sell, collect and/or transfer estate assets;
- pay the estate debts out of the estate assets;
- distribute the estate assets in accordance with the terms of the Will.
Being an Executor of a Will may not be for everyone and requires a particular person with a certain skillset and willingness to execute a very important task on behalf of someone who has passed away. At Aitken Lawyers, we appreciate that it can be a hard & difficult time when someone close to you has passed away and they have appointed you as the Executor of the estate. Our experience in dealing with Executors of a Will over the years has meant that we understand what you are required to do and can help guide you through the entire estate administration process.
For more information read our article Executor of a Will – Do You Know What To Do Next?
If you are an Executor of a Will and you don’t know what you are required to do or you would like us to help you, then please contact one of our estate lawyers in the estate planning team on (02) 8987 0000.
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