If you are looking to get your will written, this article will help you understand the process you would have to go through in NSW to do so.
Who is a Will Executor?
A will executor is a person who looks after your estate and carries out the instructions written within your will. They can be a private individual or a lawyer or an organization. The law does not restrict you from deciding who you want your executor to be. However, in case of your death, if your executor is a close friend or relative, they might have a hard time coping with your loss and sorting out your will simultaneously. Thus, the smarter thing to do is to hire someone knowledgeable about the technicalities regarding inheritance, real state, and taxation, etc.
Many times people find out that they have been named the executor of a deceased’s will, and are unable to or unwilling to take up the task. They can renounce this duty, and it will be passed to the substitute executor is named in the will. In case of no alternative, the major beneficiary will assume the role of an executor. The executor is thus an unpaid job in most scenarios unless a proper company is hired.
What is the job of a Will Executor in NSW?
An executor of a will in NSW handles the administrative, legal and financial matters associated with the instructions you have left in your will.
First things first, the executor will locate your will and update the beneficiaries outlined in it about its instructions. If the family allows, the executor might handle the funeral arrangements as well. They get in touch with government institutions to handle the deceased’s estate, utilities, finances, and so on.
The second thing on their list would be to submit all necessary documentation for probate in the Supreme Court. This is done to get the probate to distribute the assets of the diseased, as per their instructions. Probate is simply a legal document that gives the right to handle the diseased’s estate and will to the executor. Any outstanding payment, gifts to trusts or charities, and debts are settled as well. After the debt and utilities are paid off, the asset can then liquified into monetary sums. Or the estate can be handed off to the beneficiaries as directed in the will. An inventory of all personal items, household objects, money, properties, bank accounts is made to keep things in order. These items include those outside the NSW area as well.
Finally, after the probate is completed, the beneficiaries are provided with the final sum or estate accounts due to them, along with any taxations or liabilities that come with them. The beneficiaries are also kept updated about the entire financial and administrative process performed by the executor so that they can be satisfied with the proceedings, or challenge them in court as needed.
During this process, the executor is responsible for maintaining and securing the estate. They might hire a legal team to assist them in this regard. If someone challenges the will, as per the probate, the executor will represent the will of the deceased in court.
Similarly, if a beneficiary is under 18 years of age, the executor will have the duty to make investments or keep the estate protected on their behalf, until they come of age.
Hiring a Will Executor in NSW
The state government provides an agency called NSW Trustee and Guardian which assists people with their legal, healthcare, and financial decisions. They have a full will and trusteeship branch, which handles writing, and execution of wills.