What To Do if You Are Named as an Executor

Being named executor of a will is both an honour and a responsibility. As an executor, you are entrusted to carry out the deceased’s final wishes and manage their estate according to the law. However, this role can be complex and requires careful attention to legal and financial details.

Our Sydney, NSW probate & executor solicitors at Szabo & Associates Solicitors can help you navigate the responsibilities of being the executor of an individual’s will.

Understanding the Role of an Executor

An executor is a person the deceased appoints to administer their estate after they pass away. Your primary duties include:

• Obtaining a grant of probate: This legal document authorizes you to manage the deceased’s estate.
• Locating and valuing assets: You are responsible for identifying and assessing the value of the deceased’s property, including real estate, bank accounts, investments, and personal belongings.
• Paying debts and taxes: This includes settling the deceased’s outstanding debts and filing necessary tax returns.
• Distributing assets: You must divide the estate’s assets according to the terms of the will or intestacy laws.

Initial Steps After Being Named Executor

• Contact a probate lawyer: Seek legal advice from our experienced probate solicitors. We can answer your questions, guide you through the complex process, and protect your interests.
• Secure the will: Obtain a copy of the deceased’s will from the appropriate location, such as a safe deposit box or the lawyer who drafted it.
• Notify relevant parties: Inform close family members, financial institutions, and government agencies about the deceased’s passing.
• Secure the estate: Protect the deceased’s assets by changing locks, securing property, and notifying utility companies.

Gathering Information Necessary to Manage an Estate

To effectively manage the estate, you will need to gather essential information. This includes:

• Personal information
• Financial information
• Property information
• Legal documents

The Sydney, NSW Probate Process

Obtaining a grant of probate is a crucial step in estate administration. The process involves applying with the Supreme Court of New South Wales. The court will appoint you as the executor after verifying the will’s validity and your eligibility.

Managing the Deceased’s Estate

Create a detailed inventory of all the deceased’s assets, including their value and location. Identify and pay off their debts, such as credit card bills, loans, and taxes. File necessary tax returns. Distribute assets to beneficiaries according to the will or intestacy laws.

Dealing with Estate Disputes

Inheritance disputes can arise even in the closest families. If conflicts occur, consider the following options:

• Mediation: A neutral third party can help facilitate communication and reach a settlement.
• Arbitration: A neutral arbitrator makes a binding decision on the dispute.
• Litigation: As a last resort, legal action may be necessary to resolve complex or contentious disputes.

Executor’s Duties and Liabilities

As an executor, you must act with care and diligence. Your legal responsibilities include:

• Duty of care: Exercise reasonable care in managing the estate’s affairs.
• Duty of loyalty: Act in the best interests of the beneficiaries.
• Duty of impartiality: Treat all beneficiaries fairly.
• Personal liability: You may be personally liable for mistakes or negligence.

Seek Professional Help from Szabo & Associates

Being named executor is a significant responsibility, but you can fulfil your duties effectively with careful planning and the right support. By understanding your role, following legal procedures, and seeking professional advice, you can ensure that the deceased’s final wishes are followed and that the estate is administered smoothly.

If you have been named executor and have any questions or concerns, contact our NSW probate lawyers at Szabo & Associates. We can provide the guidance and support you need to navigate this important role.