What is an executor of a Will?
When you make a Will, you appoint an executor. The executor to a Will is responsible for carrying out someone’s final wishes after they have passed. As an executor, you have the task of collecting the assets of the deceased, paying any debts and distributing the estate to any beneficiaries under the Will.
In order to complete the above tasks, the executor may have the need to:
Arrange the funeral
Apply for a Grant of Probate
Arrange for assets to be valued and insured;
Arrange for the payment of debts from the sale of such assets;
Claim life insurance;
Lodge tax return;
Locate any beneficiaries under the Wil;
Distribute the estate according to the Will.
The executor is required to act in the best interests of the estate and the beneficiaries. They must not act within their own interest if such interests are not in line with the interests of the estate or the beneficiaries. You can appoint an adult who is a friend, family member, or legal professional to act as your executor. If requested by you, our lawyers can act as the executor of your will.
Your executor will also need to act on behalf of the estate for any action brought by or against the estate. This may involve any challenges that are made to the Will, any liabilities left with the Will or and existing disputes that were not resolved before you passed.
Once Probate has been granted, all debts have been paid and accounts will then be settled. Your executor will then distribute your assets to the beneficiaries under the Will and settle your estate.
If you wish to have a confidential consultation about your estate planning matters, contact ASAP Lawyers on 03 9450 9400 to speak with an experienced lawyer.