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I have been named an executor in a Will. What are my duties and obligations?

 

If you have been named an executor in a Will, you are responsible for administering the deceased’s estate in accordance with the provisions of the Will.

The duties of an executor include identifying and calling in all of the real and personal assets, determining any debts and liabilities and attending to payment of such, distributing the estate assets to the beneficiaries as per the terms of the Will, holding in trust any assets, potentially applying to the Supreme Court for a grant of probate or letters of administration as the case may be and preparing tax returns. It is important you keep records of any documents that relate to the estate and keep a record of all monies coming in and out of the estate.

You should be aware there are certain timeframes in which an aggrieved party may make a claim against the estate, so it is recommended executors do not administer any estate assets until the statutory timeframe to lodge a claim against the estate has lapsed.

An executor can be held personally liable for any errors or loss of the value of the estate through the executor’s failure to fulfil its obligations. To avoid these issues, executors often engage the services of legal practitioners to assist them in administering the estate.

If you have any questions about your responsibilities as executor, think someone might make a claim against an estate or would like to engage us to assist you in administering an estate, please contact Chloe Houghton on (07) 5570 9530 or choughton@steindls.com.au

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