The executor may need to obtain a Grant of Probate before they can deal with the estate assets and distribute the estate to the beneficiaries. When you engage FJS Lawyers to prepare a properly drafted will, we also advise on the role of an executor, and this blog is a valuable resource for this purpose.
I have Been Named Executor of a Will. What Does That Mean?
If you have been named as the executor of a will, you should consider obtaining legal advice and assistance. Your role as executor includes identifying and protecting all assets of the deceased, paying all debts and distributing the estate to beneficiaries as stated in the will. The executor role comes with significant responsibility. You must be sure that you are willing and able to properly discharge these responsibilities, as failure to do so may have serious legal and financial consequences for you personally.
What Does the Executor of a Will Do After Death?
Your first task as the executor is to locate and secure the original will. Usually, the will-maker (testator) will tell you the location of the original will. After you locate the original will, DO NOT remove the staples or attach anything to the will with clips, staples or pins.
It usually takes about a month to receive the original death certificate. If you are the next-of-kin, you will likely have met with the funeral director who will assist with the process of registering the death, otherwise you will need to obtain the original death certificate from the next-of-kin.
Next, you should confirm, secure and insure all estate assets and confirm the estate liabilities, which may require contacting various organisations and financial institutions.
You will then need to ascertain whether a Grant of Probate is needed to give you authority to administer the estate.
You don’t always need Probate – for example if the deceased owned assets jointly with another person. It is best to seek advice from the experienced team at FJS Lawyers if you’re not sure.
Once a Grant of Probate is issued, you have authority to open an estate bank account, sell estate assets, close the deceased’s bank accounts, discharge liabilities and distribute the estate. You must keep accurate records of every transaction from death to administration of the estate.
We understand that this process can be daunting, and that’s why we have an experienced team ready to assist you to obtain a Grant of Probate – contact us now. We offer a free first appointment, and we may defer payment of fees until you have access to the estate funds.
Who Can Be an Executor?
Any adult with legal capacity can be an executor – usually a relative, friend or professional that the testator trusts to carry out their wishes. The testator should appoint more than one executor or an alternate executor in case the first executor they appoint is unable to act.
Can I Refuse to Be an Executor?
Yes, you can refuse to be an executor if you are unwilling or unable to undertake the executor duties. In this instance, the additional or alternate executor will step up, or if only one executor was appointed, a family member of the deceased can apply administer the estate.
Trust FJS Lawyers for Probate
If you are not sure if you need Probate or if you need help with the process, FJS Lawyers offer a free first 30-minute consultation to review the Will and estate assets and confirm costs.
At FJS Lawyers, we can help you navigate this emotional and sometimes complicated journey, so reach out to our friendly team today.