The duties of an executor of will in NSW range from tracking the assets of a deceased, paying creditors, and enduring that every beneficiary named in the will gets what they’re entitled to. However, not many people are familiar with the duties of an executor of will — probably because they are learning about them for the first time.
The best way to understand who the executor of will in NSW is to grasp the extent of their responsibilities or duties. That way, you will be able to tell what they can do for you and how to go about finding the best professional for you. This brings us to the big question that’s most likely racing through your mind.
What is the executor of will NSW responsible for?
As we mentioned earlier, they are responsible for paying off the debt and ensuring equitable distribution of the deceased’s assets among named beneficiaries in the will. However, that is not all. Other responsibilities include:
- Maintaining the estate of the deceased until the will is read and the estate is settled.
- Paying every bill that is accrued to the estate
- Sorting the taxes, and
- Representing the estate in court if the need arises.
With all of that at the back of your mind, it may interest you to know that contrary to popular misconceptions; the individual can choose to accept the role or decline the responsibility — They also have the right to resign from the case as well. As such, it’s always best to have an alternative executor handy in case you need a change of hands.
Regarding payment, the executor of will in NSW may decide to either accept payment for their services or without. You have probably been wondering and asking yourself, why would they choose to render their services free charge? The answer is not farfetched — it is mostly because a good number of these professionals are close family members or people who have close ties with the family, and they often choose to offer their services out of respect for the deceased
Top tips for choosing the best executor of will in NSW
At this point, you should already know that when someone passes on, it’s the duty of these professionals to step up and ensure that the estate is settled in accordance with the wishes the deceased. The law allows them to manage your assets or estates as you would if you’re alive — they can sell your property, pay taxes on them, settle bills, and most importantly, distribute the property as written in will.
All of these make it important to find the right executor of will in NSW whenever you set out to find one. To be sure that you are making the right choice, you should have a checklist of factors to consider. That way, you are sure that your will be honored and your wishes will be executed to the last word.
Factors to consider when choosing your will executor in NSW
- Your first point of all is to get someone that is responsible to be your executor of will in NSW. Only a responsible person can effectively fulfill your last wishes without bias or sentiments.
- You should opt for someone with good financial standing. Whoever you are going to name as your executor of will in NSW should have their personal finances in check — you are looking for someone with no history of bad credits, someone without a lien on them, and is not a creditor. This guarantees they can be bonded (a form of insurance that can be used to pay beneficiaries if a professional absconds with estate funds).
- Get someone who is mature and patient.
In addition to all of these, it’s always best to name a younger successor alongside the designated invidivual. And no, the executor of will in NSW mustn’t live close to you. They can be miles away, and it wouldn’t hinder or prevent them from performing their duties.