Have you been asked to be an Executor of a Will?
It’s not an easy role!
It is a privilege to be requested by a family member or close friend to be an Executor of their Will. It shows the person asking you trusts you to administer their affairs and wishes after they have passed.
But do you know what this means?
When a person dies leaving assets in Victoria, somebody, usually the Executor of the deceased person’s Will, has to manage the administration of the estate. Administering the estate means following the legal processes to distribute the estate as the Will-maker wanted.
The Executor may have to:
- Arrange the funeral.
- Apply for a Grant of Representation in the Supreme Court
- Distribute the estate according to the Will. • Collect all the assets and have them valued, if needed
- Find out what debts are owed and pay them from the money made by selling the assets.
- Arrange tax returns and review any capital gains tax from the sale of estate assets. (assistance from one of our Accountants or Financial Planners is recommended before the sale of an asset)
- Claim life insurance.
- Take or defend legal action on behalf of the estate.
Executors often need to hire a lawyer to assist them with the above. The cost of the lawyer comes out of the estate.
Sound complicated? It can be!
The last thing someone should be doing during a time of grief is having to learn about complex legal processes. If you have been asked to be an Executor, you need to be prepared and have a plan in place to achieve the above steps. Speak to the person who has asked you to be the Executor and make sure you know their details. Having a funeral plan in place, understanding the person’s financial affairs are in order and agreeing on a lawyer are all good steps to take.
And if you are asking someone to be an Executor, make sure they know the responsibility they are taking on.
If you are unsure about any of the above, please get in touch. We can help you put a plan in place to look after you and your loved ones.