So, you’ve been named the executor of a will. First off, it is no understatement that you are being trusted with an important role, but what exactly does being an “executor” entail? Let’s dive into the responsibilities and how you can navigate this journey smoothly.
The Executor’s Checklist
- Locate the Will
Your first task is to find the will. This document is your guide, outlining the deceased’s wishes. It could be stored at the deceased’s home, with a lawyer, or with a trusted family member.
- Apply for the Death Certificate
Next, you’ll need to apply for the Death Certificate if it hasn’t already been done. A copy of the Death Certificate will be required when dealing with any third party party during the Estate’s administration. This step is crucial for you to be able to progress the administration of the estate.
- Manage Assets
You’ll be responsible for taking inventory of all assets. This includes everything from property and bank accounts to personal belongings. Ensure you safeguard these assets until they are distributed. All banks and other institutions have policy’s in regard to what assets of a Deceased can be transferred to an estate without the need for Probate. You should talk to each, and if any require Probate you will need to make an Application to the Court.
- File for Probate (if needed)
Next, you’ll need to file the will for Probate with the court to get it validated. Probate is the legal process of the court recognising your authority to deal with a deceased’s estate. A Grant of Probate can take a number of months to be issued by the court, so you should proceed with an Application without delay.
- Notify Beneficiaries and Creditors
Inform all beneficiaries mentioned in the will and any creditors about the deceased’s passing.
- Settle Debts and Taxes
Pay off any outstanding debts and taxes from the estate’s funds. This step might involve filing a final tax return for the deceased. Keep meticulous records of all transactions.
- Distribute the Estate
Once debts and taxes are settled, you can distribute the remaining assets to the beneficiaries as specified in the will. This is often the most rewarding part of the job!
- Close the Estate
Finally, after all duties are fulfilled, you’ll close the estate.
Tips for Success
- Stay Organized: Keep detailed records and make checklists to track your progress.
- Seek Professional Help: Don’t hesitate to consult with lawyers, accountants, or financial advisors.
- Communicate: Maintain open lines of communication with beneficiaries and keep them informed throughout the process.
Being an executor is a significant responsibility, but with careful planning and organisation, you can honour the deceased’s wishes and manage the estate effectively. The role does come with strict legal obligations and procedures, so should you ever feel the need for assistance, we are more then happy to guide you through the process.
