Are you a Will Executor?
Have you been chosen by a family member or friend to be the Executor of their Will? This means that you have been given responsibility to manage their estate according to the terms they’ve outlined in their Will and to protect their assets under the various laws and rules that govern estate administration in Australia.
Executor Duties
An executor’s duties may include responsibilities such as:
Being an Executor can be overwhelming, particularly when you are grieving, but rest assured we can guide you through.
Do Executors get paid?
It depends. If you are a beneficiary of the will it is presumed that your benefit will cover your costs. If you’re not a beneficiary then it may be provided in the Will, you can ask the beneficiaries or you can apply to the Supreme Court for a commission.
Do I need a Lawyer?
Estates vary in complexity and Executor’s duties can be complicated, so it may be a good idea to get advice from a lawyer. The cost of legal advice is usually covered by the estate, not the Executors.
What is Probate?
Probate is recognition of the Will’s validity and permission from the Supreme Court for the Executors named in the Will of the deceased to carry out their duties in relation to the Estate. You will likely need a grant of Probate to deal with the assets of an estate, such as selling a property and obtaining bank funds.
What if there is no Will?
This situation is referred to as intestacy and the law determines how assets will be shared out after debts have been paid. If you are the next of kin you can apply for Letters of Administration, which will give you an authority to finalise the estate.
Contact us to find out more or to arrange an appointment with Annette Esposito.