If you’ve been appointed as Executor under a Will, you have been appointed to a position of trust where you take on the legal personality of the deceased, to manage their affairs until the estate can be wound up.
The position carries several significant responsibilities including:
Protecting the estate assets
Applying to the Supreme Court for probate, if required
Disclosing any relevant information to the Court and defending the estate against any potential claims
Managing the deceased tax affairs
Paying any liabilities of the estate
Distributing the estate assets
Many people do not realise that as an Executor, you may become personally liable for loss occasioned to the estate by you not carrying out your duties in accordance with the deceased’s Will.
At Turnbull Hill Lawyers we understand the risks in administering a deceased estate and work with Executors to ensure the efficient and correct procedures are followed in an efficient manner.
Some of the ways we can assist you include:
Identify with you the assets and liabilities of the estate.
Provide to the Probate Court all assets required by them.
Maintain an audit trail of Executors of their dealings with the estate assets.
Protecting the estate and you, as Executor by advising you of the taxation obligations of the deceased and the estate claims that could be made on the estate and how to deal with these.
This will protect you as Executor from claims by beneficiaries and creditors and avoid complications of legal actions that be brought against executors. Ensuring proper accounts and records are kept.
If you need assistance in administering an estate or this article raises questions for you as an Executor, please contact us.