The roles of an executor of the Will in NSW are not always well understood by partners and close family members of the deceased. There will be a degree of stress and complication around arranging their Will and working through the steps, but it is a necessary phase for participants who are handed that duty.
Preserving Listed Assets
The important component that the executor of the Will in NSW needs to cover from the asset is the preservation of the assets. This will include property, vehicles, antiques, pets, furniture collections, digital devices, artwork, plants and any other items that have sentimental or monetary value attached to them. Before the rest of the process is undertaken, they need to have these assets in safe hands without being compromised.
Working Through Probate Status
The executor of the Will in NSW cannot work through their respective steps unless probate status is achieved. This is a legal proceeding with the courts that checks that the certification of the Will is authorised and that the executor is able to carry out their duties as listed. It might require the intervention of legal counsel, but there are official departments that will run through these checks regardless.
Ensuring Tax & Liabilities Are Covered
There is every likelihood that there will be tax payments and debt liabilities that have to be covered before the executor of the Will in NSW can complete their official duties. These payments should be covered through the estate, but if those funds and assets fail to cover the debt, then other steps need to be taken. If there are close family members or legal experts on hand to assist in this domain, that will help executors to cover all of these core responsibilities.
Overseeing Contests & Challenges
NSW members who have been tasked with acting as the executor could find themselves dealing with legal contests and challenges to the terms of the document. In these scenarios, it is critical to hire a solicitor who specialises in these situations. A contest will take place when an individual believes they have been left out or treated unfairly. A challenge will happen when a beneficiary believes that Will should be struck from the record and deemed illegitimate because it was signed under dubious circumstances.
Distributing Assets to Beneficiaries
The next step with an executor of the Will in NSW is to officially distribute the assets to the beneficiaries and ensure they reside in their possession. From property and vehicles to anything of financial or sentimental value, these components will be covered in the terms of the document. The beneficiaries should be helpful in this regard if there are any logistical complications.
Earning a Commission
While the commission discussion is not often covered as the executor of the Will in NSW, it is worthwhile recognising that all of the hard work and hours invested in the process will be remunerated to some degree. The common parameter is between 0.5-3% of the estate depending on the extent of the work and the agreed circumstances. This will allow participants to understand that they don’t have to sacrifice so much of their work and family commitments without having some form of coverage.
Summary
Thankfully individuals who are named as an executor of the Will in NSW do not have to be forced to carry out this duty if they do not want to. There are ways to decline the role if there are other individuals named on the document, and failing that protocol, a court-appointed executor can be used in these circumstances. Yet there will be tools and resources available to people who do carry out these responsibilities.