Being handed the task of operating as the executor of Will in NSW can be quite a shock.
Not only is there the grief to live with, but there are some very practical and pressing considerations when it comes to goods and property that has monetary and sentimental value for the beneficiaries.
To be on top of the task and to avoid many of the setbacks that others encounter along the way, there are some commonsense management tips that will allow participants to be on top of the challenge.
Tip 1: Obtaining The Key Documents & Securing Probate
For the executor of Will in NSW to do their job properly, they first need to be in possession of some key documents. This will begin with the official death certificate and end with the physical copy of the Will itself. It might be left on the premises, kept away in a secure location or sent away to a close family member or solicitor. It is their duty to obtain this documentation before proceeding with the need to secure probate status. This can be lodged before the courts alongside the death certificate, validating the Will and allowing the rest of the procedure to take place.
Tip 2: Bringing Others Into The Process
Once the key documents have been obtained, the next step that the executor of Will in NSW should take is bringing others in the process. Attempting to carry this burden in isolation will commonly add stress, pressure and anxiety for the individual tasked with overseeing these steps. This can include close family members who are privy to the intimate details, but should also include professional representatives and legal practitioners who have experience in the field. Even if they are only consulted for short periods to keep costs down, they will know what steps need to be taken and how the executor can adhere to their duties without facing disputes or challenges.
Tip 3: Draw Up Shortlist of Items
It is one of the easiest mistakes to make for the executor of Will in NSW to overlook a shortlist of items and agenda points that should be included as part of the documentation. When all markers that have been in the name of the deceased are accounted for, then nothing will be missed and all parties can conclude their business in a timely fashion. This shortlist will include any of the following:
- Real estate and property
- Bank accounts
- Superannuation accounts
- Medicare accounts
- Telecommunication and utility accounts
- Driver’s license
- Insurance policies
- Electoral roll
Tip 4: Look After Assets
Once these matters have been identified and drawn up on paper with the help of others involved in the process, it is then the duty of the executor of Will in NSW to look after these assets. Problems arise when beneficiaries decide to proceed with a challenge or a contest, seeing a situation where their terms are debated or the very validation of the Will is itself put into question. Irrespective of these moves and motivations, the estate has to be protected before any additional moves occur.
Tip 5: Hand Over Assets to Beneficiaries & Pay Off Outstanding Debts
Unless there is any challenge or contest to the terms of the document, then it will be the duty of the executor of Will in NSW to ensure that the assets are handed over to the beneficiaries. This will be the final phase of the process before it is concluded, allowing for partners, next of kin and other interested parties named in the documentation to be given what was issued. Outstanding debts and liabilities also have to be covered by the executor of Will in NSW, yet there are ways and means of paying for such expenses through the deceased estate’s finances.