All too often we hear of people agreeing to be an Executor for a family member or friend without knowing what they have agreed to, what their duties and obligations are, or what they are expected to do.
An Executor is the person/s you appoint in your Will to administer and distribute your estate upon your death. Your Executor does not have to have any legal knowledge or experience, but they must be someone you trust implicitly to act in the best interests of your Estate.
The primary functions of the Executor are to:
- Obtain Grant of Probate, if required. Whether or not Probate is required will depend upon the nature and value of the deceased’s assets.
- Call in the assets by arranging for them to be transferred or otherwise finalised.
- Arrange for debts to be paid. The funeral, testamentary and administrative expenses and all outstanding liabilities are paid from the Estate. The Executor is not personally liable for the deceased’s debts.
- Distribute the Estate to the beneficiaries named in the deceased’s Will.
If you are an Executor with questions regarding your role, or a testator who wants to review your Will, the friendly and experienced Solicitors at Everingham Solomons can assist you because Helping You is Our Business.