There can be no shortage of advice that the executor of the will in NSW will be provided.
From beneficiaries who have their own financial stake and incentive to make a positive impression to other stakeholders and outside influences, this can be a stressful and tricky exercise at the best of times.
The good news though is that these individuals can manage the affairs of the testator if they undertake some research and speak to the right people before allowing external events to dominate proceedings.
Before being forced to react to these events, there are some commonsense tips that should be comprehended first for local executors across the state.
Knowing Where The Will Is Located
One role of an executor of will in NSW is locating the actual document. The testator should be leaving the item in a location that is a) protected but b) in a position that the executor can easily locate. If they have to go on a hunting expedition, then other parties will have to be brought into the equation to help find the product. They are often placed in a safe, a cabinet or somewhere that is locked and protected, but it is up to the testator to ensure that it can be accessed following their passing.
Understand Logistics of Organising The Funeral
The executor of the will in NSW will be tasked with organising the funeral details, a delicate and at times stressful role that should be understood and examined ahead of time. Local funeral services across the state will offer quotes and different levels of expertise that will be considered a suitable or unsuitable arrangement. Other parties and beneficiaries should be able to assist with the logistics and investment of the exercise, but it will be the executor who has to oversee the matter.
Distributing The Assets and Paying Liabilities
Ensuring that the property and assets are sent to the right parties is part and parcel of the role that the executor of the will in NSW will offer on behalf of the deceased. From cars and boats to homes, investment properties, stock options and materials that hold sentimental value for some beneficiaries, this is a matter that they oversee before ticking those relevant boxes. However, there are also liabilities and debts that have to be covered until they are also passed on to the relevant parties. From the loans and tax returns to other debts that build up over time, they have to be covered by the executor.
Keeping Records and Providing a Summary
The executor of the will in NSW will be tasked with keeping records of what assets and property has been passed on to beneficiaries and offering a written summary of these transactions. This will offer clarity to any interested parties and ensuring that the will has been given probate status, clarifying it before the courts and making the will official.
Not Allowing Personal Interest To Override Others
If there is only one tip that the executor of the will in NSW should abide by, it is not allowing a personal conflict of interest and personal stake to override the interests of the collective. This is in large part due to another key duty that they are tasked with – protecting the will from litigation. By engaging in irresponsible and selfish behaviour to make illegitimate claims or to intimidate or interfere with other claims from beneficiaries, they can be facing litigation themselves and complicating matters further.
An accumulation of all of these duties can be overwhelming. The good news is that the executor of the will in NSW does not have to work in isolation, allowing partners, family members, friends and/or legal representatives to help guide them through each phase. It is a role that carries a great amount of responsibility, but with the assistance of trusted and experienced individuals, these activities can be completed in time to allow everyone to move on and grieve in their own way.
