Have you been appointed or need to appoint an executor of a Will?
Acting as an executor is like being a trustee. An executor of a Will is a person who is named in the Will (or appointed by the court) to carry out the wishes of a person after they die. If you are named the executor you must:
- Notify all beneficiaries named in the will,
- Manage and look after the property making up the estate,
- Value the estate and keep a list of the valuations,
- Complete income tax returns and get clearance from the Australian Tax Office,
- Obtain authority to administer the estate,
- Pay all debts owing, including selling assets, if necessary, to pay any liabilities,
- Establish trusts,
- Divide the Estate,
What you must NOT do, is intermingle (mix) the assets of the estate with your own assets. If the executor fails to properly account for all of the assets of the estate they can be made personally liable for any loss, not to mention the legal and other fees that can accrue.
We recommend in the strongest terms that the Executor hires a Lawyer to advise them of their obligations, and a help them carry out the wishes of the deceased.