Have you been asked to be an executor of a will? Are you worried you may not be able to act on their behalf? Here is some information to help you decide if it’s right for you!
An executor is the person responsible for administering an estate. This person is chosen by the deceased and named in their Will. An executor is required to ensure the completion of a variety of legal requirements.
The role of an executor is often a demanding and emotional one, clients can find it difficult to undertake the role of executor whilst they are still grieving for the deceased.
If you are appointed as executor under the Will and you do not wish to act as an executor you can renounce your duty. It is important however to be certain whether you want to administer an estate at the outset, as once you have started the process, it is not always easy to renounce your role.
To renounce your role as executor you need to sign a renunciation which is then filed at the Supreme Court at the same time the Application for Probate is being made.
Alternatively, Greenhalgh Pickard can assist with the administration of the estate. We will work together with you and guide you through the process of estate administration. We can assist with:
- Determining the estate assets and liabilities.
- Arranging to call in the estate assets and pay any outstanding liabilities.
- Preparing and finalising any estate tax returns.
- Advising you of the risks and your responsibilities as executor.
- The transfer of property after the passing of the deceased.
- Paying funds to beneficiaries in accordance with the Will.
If you have been appointed as an executor of a deceased estate, feel free to call our estate planning team on 07 5444 1022 and we will be able to talk to you about the process and let you know how we can help. You can also contact us via email on firstname.lastname@example.org.