The executor of a will is the person you name to carry out your wishes after you pass. When you die with a legally-valid will, a judge will approve the executor you’ve named in it to act on it. This could include paying outstanding debts with the money left from your estate, distributing your money and property to your heirs, and more.
The executor of will in NSW is in charge of making sure the wishes of the deceased are carried out, as well as handling the final affairs of the estate. The executor has authority from the county probate court to act in this role, but that doesn’t necessarily mean that the executor has the final say on all decisions regarding the estate
It’s important to choose a reliable, organized person you trust to be your executor. They’ll have an important role in making sure everything goes smoothly with your estate after your death.
What can an executor of will NSW do?
An executor has the authority from the probate court to manage the affairs of the estate. Executors can use the money in the estate in whatever way they determine best for the estate and for fulfilling the decedent’s wishes.
Other responsibilities of the executor of will nsw include;
- Obtaining certified copies of the death certificate
- Informing the heirs and relatives of the deceased about the open contest period — the open contest period is the timeframe when family members can challenge the validity of the will
- Notify banks, government agencies, insurance companies, and creditors of the deceased passing
- settle any outstanding debts with money gotten from the sales of the deceased estate.
- Ensure proper maintenance of assets until the estate is settled
- File the final income tax of the deceased and, of course, represent the estate of the deceased in court.
Factors to consider when choosing an executor of will in NSW
To ensure that your will is executed to the latter, it is essential that you take time to research the best executor for your will in NSW. Top on the list of factors to consider is that the executor must be trustworthy and reliable.
Other factors to consider include;
Being an executor is no easy task, and neither is it a walk in the park. As such, not many individuals are willing to take up the role of an executor of will in NSW. To be sure that you are making the right choice of executor, it is always best to discuss the idea and potential duties with whoever you have in mind (your executor) before naming them in your will.
- Where they live?
It’s always best to choose someone that lives close to you or someone you’re familiar with. That way, it is much easier for them to manage your estate, represent you in court, and ensure the equitable distribution of your property.
- Family dynamics
Whoever you nominate to be your executor of will NSW should be someone that is familiar with your family ties and your family trust to carry out your last wishes without bias or influence from family members and other associates.
Then, there is age and organizational skills. Your executor should be someone likely to be alive when you pass away. Last but not least, they should have eyes for details and possess good organizational skills; they must be able to think on their feet and while also ensuring that things are in order.