Being positioned as the executor of will in NSW can be a stressful experience.
Amid dealing with the grief and loss of a close passing, there are some immediate duties that have to be adhered to.
There are responsibilities that lie with the testator before their passing, but due to health complications and other matters, they might not have been in the best of conditions to consider all of the ramifications.
Before being overwhelmed by the scenario, there are some activities that should be followed through to ensure that their desires and wishes have been met.
Obtaining The Will and Reading The Details
An executor of will in NSW has a key duty that is number one on their priority list – obtaining the will. Once that is completed, they can move on to the other details, even though they won’t necessarily be across all of the intrinsic details of the document. Depending on the actions of the testator, these provisions might be kept under lock and key until their passing, ensuring that no other eyes have come across the information. At whatever juncture they are read, the testator’s preferences should be clarified and understood by the executor. From assets that have genuine financial value to other items that hold sentimental value for particular parties, they should have a comprehension about the what, who and when for the facts of the deceased estate.
Distributing Property and Assets
One of the best methods that the executor of the will in NSW can do is to ensure that accounts are joined between partners. Should one spouse pass away and the other is left as a widow, then it is best practice to have titles in both names. This will ensure an immediate passing of assets to one member from the collective. However, should a widow die with only next of kin involved, the property and assets have to be distributed correctly. This will include an entire estate, an investment property, vehicles, stocks and general possessions that are now their entity.
Paying Off Liabilities and Debts
Unfortunately there can be liabilities and debts that accumulate over time that have to be managed. The executor of the will in NSW will be tasked with this duty, filing for tax returns, paying off loans, mortgages and other agreements that are still operating. This duty can be passed onto other parties if the beneficiary takes ownership of them, but any outstanding debts have to be handled on their behalf.
Avoiding Litigation and Conflicts of Interest
Litigation and engaging in legal conflict can occur, but the executor of the will in NSW is tasked with cutting off that avenue by whatever means possible. So long as they have read the document and understood the wishes of the testator and communicated that to the beneficiaries, they should not have to encounter such difficulty. What can exacerbate this scenario is the executor abusing their role and using their privilege for their own personal gain, a type of behaviour that is not befitting of the role in any shape or form.
Bringing Trusted Parties/Professionals In For Assistance
The executor of the will in NSW can perform all of their duties in isolation from others if they have the confidence and belief in the process. Yet there are friends, close family members, partners and even lawyers who can help guide an individual through these stages. Their presence alone can be a guiding force, leaning on their experience to determine what is good practice from bad practice.
There are serious expectations placed on the shoulders of the executor of the will in NSW, but they can be well managed in good time with the access of good support and guidance from others. There will be a reason why the testator decided to entrust their property and assets in their hands and to carry out the duty, so these are wishes that have to be respected.