The executor of a will in NSW has the power to carry out the administration of an estate. This carries with it a number of different responsibilities and basically means that a person will be required to carry out the wishes of the deceased to the best of their abilities. The executor of a will in NSW will be tasked with ensure all of the estates debts are discharged and that assets are properly divided.
What does the executor of a will in NSW do?
If you have been appointed the executor of a will in NSW then you’ll have need to control your estates assets, you’ll also need to make a list of any creditors involved with estate and make sure they’re paid before arranging for the estate to be properly distributed according to what was set in the document.
Why the role of an executor of a will in NSW is important
The administration of estates can be a time-consuming process, even for small and seemingly simple estates. During the administration process the executor of a will in NSW is responsible for ensuring that assets are properly preserved and managed before ensuring that they are properly distributed. The executor of a will in NSW will also act as a trustee if necessary, for estates involving children they may be tasked with acting as the trustee for a long time. The executor of a will in NSW has certain duties and obligations and so taking on the role should not be a decision that is made without contemplation as failing to meet your obligations could result in legal action.
If there are a lot of beneficiaries in your estate or assets such as superannuation being paid into it then it’s important that the power of appropriation is given to the executor. This makes it easy to decide on how proceeds may be divided and can make it simpler to resolve disputes.
Advancing to minors
If there are minors who may be beneficiaries in your estate, then it might be a good idea to ensure that the person you choose to execute your will has the power to advance assets to parents or guardians of the minor. While the law allows for this there are limits to the amount that trustees can advance to beneficiaries. Make provisions for advances in your will allows for more flexibility and gives more discretionary power to your chosen trustee to administer your estate.
If it’s been a while since you reviewed your legal documents, then it’s very likely that your assets are different and that your beneficiaries might have changed. It’s a good idea to update your documents on a regular basis but at the end of the day it’s difficult to know what your circumstances will be at the time of your death which is why it’s essential to ensure that the person you choose to execute your will is someone that you can trust and someone that you know is competent.
Having the right person there to execute your wishes means that you’ll be able to ensure that risks are managed and that your interests are properly protected. It’s well worth it to spend the time finding someone you trust to ensure that your wishes are properly carried out after the time of your death as this can ensure that your beneficiaries receive their inheritance much more quickly and that things go more smoothly. If you’re not sure who to choose then it’s a good idea to seek legal advice.