Choosing your Executor
Oct 15, 2019Choosing who you want to administer your Will once you have passed is an important decision. Whoever you choose will be responsible for managing your estate and all the assets and liabilities contained therein. The role of executor is that of a fiduciary (i.e. a position of trust), which means there is a substantial amount of legal responsibility held by that person. If an executor does not fulfil their duties, they may be subject to serious legal penalties.
People are often unaware of the many tasks that are required of the executor. Some of these include:
- Arranging your funeral;
- Locating the will;
- Identifying all of the assets and liabilities of the Estate;
- Preserving the Estate in the condition it was in at the time of your passing;
- Where applicable, executing and preparing all relevant documentation to be provided to the Court for Probate to be granted;
- Administration of the estate – which may include:
- liaising with financial institutions,
- completing further forms and documents to authorise administration of certain assets;
- selling shares;
- selling real property;
- the administration of trusts;
- paying any Estate debts;
- discussing the Estate’s taxation position with an accountant in order to determine whether there will be tax payable, and lodging a date of death tax return.
- In certain cases, it may include defending the Estate from possible claims; and
- Distributing your estate to the applicable beneficiaries.
By instructing a solicitor to assist with the administration of an Estate, an Executor is able to minimise their own personal risk and also obtain assistance with these many tasks. It is important that you appoint someone who is responsible and will be able to manage the stress and organisation that is required of them. We encourage you to discuss your Will with your Executor, and maintain good records of your assets so that they are aware of all items which will need to be included in the Estate and any application for Probate.
Contact the Shire Legal team if you have any questions.
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