The role of an executor

An Executor appointed under a (valid) Will has many legal responsibilities, not the least of which is applying to the Supreme Court to obtain Probate of the Will. An Executor/s must also swear (or affirm) an Affidavit, agreeing to act honestly and according to law and to distribute assets according to the Willmaker’s/Testator’s Will. Executor/s also have a duty of care to each beneficiary. It is a role that should not be undertaken light. It is also a role that is sometimes best performed by more than one Executor or by a professional lawyer or accountant.

 

Many questions arise when someone is asked to perform this role for the first time?

 

e.g.

Is an executor obliged to provide a copy of the Will to anyone named in it, or only to named beneficiaries?

If an Estate is challenged after distributions (interim or final) have been made, can the Executor be personally liable to repay monetary amounts?

Do you have to let a person know that you have appointed them as Executor in your Will?

Can an Executor relinquish their functions?

 

Although many people find it relatively easy to name their first Executor, it is often the alternate or joint Executor choices that are more difficult and can be fraught with danger.

 

Feel free to contact us to discuss any aspects of this very important role.

 

Categories

 

Binding Financial Agreements

Deceased Estates

Employment Law

Powers of Attorney

Property Law

Superannuation

Trusts

Wills