When a person decides to create a will, they can leave written instructions on how their estate should be administered. This legally binding document contains the name of the executor, who is the person responsible for carrying out the instructions contained within the document.
In this short article, we detail the roles of the executor of a will, which are as follows:
- To arrange the funeral.
- To obtain a Grant of Probate or Letters of Administration.
- To contact banks and relevant organisations.
- To take control of all assets.
- To liaise with tax officials and accountants to settle taxes.
- To manage estate disputes.
- To settle all debts of the estate.
- To prepare necessary documentation for the beneficiaries.
- The final distribution of assets to the beneficiaries.
There might be other roles, depending on the contents of the will and the instructions contained therein.
What to do if you are a named executor in a recently deceased person’s will.
In the event you are the executor of a recently deceased person’s will, you should seek legal advice from one of the established probate lawyers in Melbourne and let the experts help you. They can assist with estate asset management, they can help you deal with any claims that might be made upon the estate. Having many years of hands-on experience helping will executors, they can ensure that you carry out your duties correctly and will guide you through your various roles until you have fully completed the executor’s role.
Understanding the responsibility
In the event one of your friends casually mentions that they want you to be their will executor, make sure that you are aware of what that entails; once you give your consent, you are agreeing to manage the assets, settle all outstanding debts and carrying out the instructions contained within the document.
To summarise, if you have recently agreed to be the executor of a friend’s will, we hope that the information in this article helps you to gain a deeper understanding of the role. Consult with a family law firm and they can offer you the help you need to carry out your responsibilities to the best of your ability.