The executor of a will is the person a will has nominated to take over after a person’s death. This is usually a family member or perhaps a trusted professional person such as a lawyer. A person named as the executor may not be aware that this role has been bestowed upon them by the person who died.
What to do if you have been nominated executor of a will
#1. First, find the will. You will probably find a copy, in which case it should tell you where the original document can be found (law office, trustee company). Contact the holder of the will to advise of the death, and to confirm they have the original document.
#2. Leave the original will where it is and ask for some certified copies to be sent to you.
#3. If you have the original will, don’t alter it in any way. Do not remove the staple for copying purposes, do not write on it, and do not use any other clips or staples. Any challenges to the will can use this tampering and delay proceedings.
#4. Read the will. It should offer clues as to funeral arrangements.
#5. Make the funeral arrangements as per the will or as per the family’s wishes. The person organising the funeral is responsible for paying for it, but this is usually an expense covered by the deceased’s estate.
#6. If a funeral has been paid for already (prepaid by the deceased) or prearranged, the funeral director should be contacted for arrangements to be made.
#7. When appropriate, a discussion will need to be had regarding the will and the family members, business partners and beneficiaries regarding entitlements. Some matters may require immediate attention and should be dealt with.
#8. Take steps to safeguard any assets – make a house secure, make sure insurance is adequate, credit cards destroyed, bank accounts frozen, email addresses redirected, and advise any government bodies (like Centrelink). Any valuables in the house should be secured.
#9. A list of assets should be drawn up – bank accounts, investments, shares, personal effects, cars, homes, property, debts owed, debts owing.
Important things to consider
- Don’t let any beneficiaries use things they may or may not be entitled to, such as cars.
- If real estate is involved, a Grant of Probate will be necessary to obtain. You will need a lawyer.
- Trusts may exist for the continued care of people – these arrangements need to be put in place sooner rather than later for their benefit.
- Tax matters will need to be addressed before the estate can be finalised.
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