An executor of will in NSW is someone that looks after a deceased person’s estate and makes sure that it gets divided up properly between debtors, taxes, lawyers and those listed in the will. The process of executing a will usually takes no more than a year, but if someone contests the will, it could take longer, depending on how well written the will was and who the beneficiaries and primary caretakers were.
The first thing that an executor of will NSW based do is assess the estate’s value, including the property, home, items in the house, debts, taxes owed to the government, assets, and money in the deceased’s bank accounts. Finding out where all the deceased’s debt is can be relatively tricky, depending on who they owed and how much they owed them. Some debtors will forgive debts simply by just giving the item that was purchased back to them. It is best to hire a lawyer to find the debts and ensure that the proper people get the right amount. This is very likely an emotional time for the executor of will, so pushing as much work as possible off onto a lawyer will make the process a lot easier.
Why is having an Executor of Will in NSW important?
Having an executor of will in NSW makes dividing up the estate more manageable and makes sure that the process is as simple as possible. When dealing with minors, the executor of will in NSW can act as a trustee for many years until the children are of age to receive the estate. This process can take many years, so having someone that you trust and is competent is very important for choosing your executor of will.
Will the Executor of Will in NSW be paid?
Typically, an executor of will does not get paid. However, there can be clauses in the will that allow the executor to get some money out of the estate. There are some items that the executor can take from the estate, if that is permitted.
What is the Process?
Typically, the first part of executing a will is getting all of the documentation and to start planning for the funeral. The funds for the funeral are typically taken out of the estate and are usually the first thing taken out from the estate after lawyers and fees are paid. Some times there are specific requests for the funeral arrangements, and it is up to the executor of will to carry those requests out to the best of their ability. After the funeral, an application of probate must be issued and approved by a judge to proceed with the estate. This probate says that the document of the will is valid and that you may proceed with going through with the will. The legal ramifications can be dire if you don’t follow through with the will in the right way. Hiring legal advice to aid you in executing a will is highly recommended so that you don’t have to face any legal fees or jail time. The will of the deceased can be very confusing and really hard emotionally, especially for those that just lost a loved one, so hiring a lawyer to take care of parts of it will make the process a lot easier.
Going through death is something that no one wants to think about, but is necessary for everyone. Making sure that you have a will, and someone that you trust to execute the will is essential. Going back every couple of years and going through the documents will help ensure that you won’t have any problems after you die.