Before someone dies, they usually have a Will drawn up. This document explains what the person wants done with their estate once they pass away. To ensure those wishes are met, a friend or family member is chosen to be the Executor of the Will. In other words, the Executor acts on behalf of the deceased to fulfill their final wishes.
Depending on the complexity of the Will, the tasks may be easily resolved or become fairly complicated. As the Will is a legal document, the Executor has a legal obligation to complete the tasks spelled out in the Will to fulfil their role as Executor.
The Duties of An Executor
There are a handful of tasks an Executor must complete once the estate owner passes away. Here is a closer look at what they are.
Locating the Will
As Executor, you should know the location of the Will. If it is locked away somewhere, you should have a copy of the key or have access to it in some other way.
Funeral Arrangements
Although this is not always the role of an Executor, there are times when arranging the funeral, publishing funeral notices, and ordering flowers are part of the duties.
Death Certificate
This is one of the most important documents you will need before you can settle the deceased’s estate. Without the death certificate, there is no legal proof of the person’s death.
Securing Property and Assets
Before you can enter the process of applying for Probate, all property and assets must be safe and secure.
Evaluation
All assets must have values determined. This may impact on how the estate is settled. To prevent any delays, having all asset values outlined will make the process move smoothly.
Paying Outstanding
Insurance policies, taxes, and other debts are still active until the Executor contacts each creditor and closes accounts or cancels services. However, that cannot happen until probate is granted, so in the meantime, the Executor must continue to pay these outstanding costs.
Applying for Probate
Probate is the legal process that essentially puts an Executor in legal control of an estate. Before probate is granted, the Executor cannot do much about the Will’s wishes.
Collecting Revenues
The money that belongs to the deceased will have to be collected to be split according to the Will details. Before the beneficiaries receive their portion, all cash assets must be accounted for.
Other Tasks an Executor May Have to Complete
In addition to the above, here are a few more tasks an Executor may have to complete. They include:
- collecting all debts owed
- filling tax returns for the deceased/estate
- selling assets/property
- reporting to beneficiaries
- distributing estate proceeds to the beneficiaries
- establishing trust funds
What You Earn as An Executor
There are many variables that will impact what you receive as an Executor. You may also be one of the beneficiaries, which may cover the costs you incurred as Executor. Some end-of-life plans include establishing funds to pay for your costs. To collect, you would need to present receipts to verify costs. You can also apply to the Supreme Court for a commission to cover your costs as Executor.
More On Probate
Although Probate is not always necessary, depending on the complexity of the Will, it is a legal process that recognizes that the Will is legitimate. Probate also grants permission to the Executor to assume the duties as outlined in the Will.
Do You Need Legal Advice?
Wills can be very simple and straightforward. Sometimes they are extremely complex. The role of an Executor can be easy or difficult, depending on the type of Will. Regardless, it never hurts to seek legal opinion just to be safe. Plus, the estate should cover the cost of seeing a lawyer.
Are You the Executor of a Will?
If you have been asked to be someone’s Executor after they die, consider it an honour. However, you may also wish to do some homework to fully understand the amount of commitment expected from you to fulfil the duties of an Executor. For advice and guidance on wills and estates in Brisbane, contact the wills and estate lawyers at GKS Law. They can help you through the probate process in Australia. For more information on the duties of executors of wills, contact GKS Law today.
Conclusion
Being an Executor of someone’s estate after they die puts you in an interesting position. You are expected to carry out the wishes of the deceased as outlined in their Will. It can be simple or hard, depending on the Will and estate. Fortunately, asking for legal advice can help.