What is the role of an Executor?
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February, 2009
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An Executor is the
person appointed in another person’s will to
dispose of the monies, property and other
assets listed in that will, after the death of
its author.
An Executor has to
follow both the deceased’s wishes and numerous
legal requirements when disposing of that
estate.
It is not simply a case
of handing out the deceased’s monies and other
belongings among the beneficiaries listed in
the will. An Executor will probably also
have to search for every financial, property or
other asset that the deceased may have owned
because these things may not all be listed in
the will. Even if they are not listed, they
must still be located and disposed of to the
advantage of the beneficiaries. Even more
likely, he or she must catalogue every
miscellaneous items the deceased possessed, no
matter how numerous or small.
Achieving all of these
things requires patience, attention to detail
and awareness of the law. The law
requires the Executor to follow a rigid list of
things to do, in order for his or her actions
to be regarded as valid and above
challenge. It is often an emotionally
charged and highly pressured task and the
assistance of a solicitor is often
necessary.
These are a few examples
of the responsibilities an Executor will
face:
- obtaining a Grant of Probate from the
Probate Registry of the Supreme Court;
- keeping accounts of every expense
incurred in disposing of the estate;
- ensuring that the condition of the
deceased’s assets and other property are
maximised at all times;
- deciding the best way to dispose of an
asset, in the best interests of the
beneficiaries;
- placing a Notice of Distribution;
- determining if he or she, as Executor,
is entitled to some form of payment;
and so on.
In addition, an Executor
owes a ‘duty of care’ to the beneficiaries of a
will; this means he or she will be liable for
anything that goes wrong and must always be
available to the beneficiaries, whose interests
the Executor is required to protect.
The role of Executor can
be a full time commitment and requires a high
level of responsibility.
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FAQ Archive:
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What is a will?
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January, 2009
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A will, often called a
‘last will and testament’, is a document
written by an individual (the ‘testator’)
stating what will happen to all his or her
monies, property and other assets (collectively
called ‘the estate’) when he or she
dies....
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Should I appoint an enduring
guardian?
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December, 2008
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You should approach this
decision in the same way you would approach the
decision to make a valid will; its about
catering for unpleasant possibilities that you
can’t fully contemplate now, but doing so in
the interest of your loved ones and
yourself....
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What is probate?
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November, 2008
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‘Probate’ is the legal
term for the process of determining whether or
not a deceased person made a valid
will....
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How are de facto relationships
dealt with?
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October, 2008
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This can be an issue when the deceased did
not write a will clearly expressing their
intentions towards family and friends. A
de facto spouse may have to first prove that
they were, indeed, the de facto partner of the
deceased....
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How are same-sex relationships
dealt with?
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September, 2008
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In some
States, the definition of a ‘de facto’
relationship has been changed to
include same-sex relationships by removing any
reference to the gender of de facto
partners....
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Can I challenge a
will?
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August, 2008
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You may be able to
challenge a will on a number of grounds,
provided you are eligible to do so. You
would do this in the Supreme Court and it must
occur no later than eighteen months after the
deceased passed away....
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How can I provide for
financially reckless beneficiaries?
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July, 2008
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This a common concern
when writing a will. In some extreme examples,
where the possible beneficiary concerned is a
spouse or child, it is very difficult to avoid
naming them as a beneficiary because, as a
child or spouse, they have an immensely strong
claim against your estate even if you choose
not to name them....
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If I die without a will, who
gets my assets?
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June, 2008
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When someone dies without a will, he or she
dies ‘intestate’. In each state, the law has
arrangements for this which detail who gets
what from the deceased’s estate and how this
process is to be administered....
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Can I write my own
will?
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May, 2008
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Anyone can write their own will or they can
do so with the assistance of a solicitor
specialising in wills.
Sometimes, people attempt a ‘homemade’ will
without any guide or assistance but such
documents often do not follow correct legal
form nor withstand legal scrutiny; there are
many formalities that a valid will must follow
and legal assistance is really the best way to
adhere to these....
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Should I appoint a power of
attorney?
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April, 2008
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You should always
have a plan to deal with those times when you
are not able to manage your personal business
affairs – be it temporary or in the event of
infirmity or tragedy....
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When should I make a
will?
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March, 2008
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The simple answer is
that it is never too early or too late to make
a will, but the best time is NOW.
Everyone of adult age
should have a will....
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