Being appointed as an executor of a Will is a significant legal and personal responsibility. During a time of grief, it can feel overwhelming to navigate the probate process and fulfil your obligations correctly.
At MCB Lawyers, we guide executors across NSW through their duties, ensuring the estate is managed according to the law and the deceased’s wishes are honoured.
What Is an Executor?
An executor is a person nominated in a valid Will to manage the administration of a deceased person’s estate. Their role is to carry out the directions in the Will, pay any debts, and distribute the remaining assets to the beneficiaries.
This role comes with both legal responsibilities and personal challenges, especially when disputes arise or the estate involves complex assets.
🔗 Learn more about the role of an executor at NSW Trustee & Guardian.
Key Responsibilities of an Executor
The main tasks of an executor typically include:
1. Locating and Protecting Assets
Executors must identify and secure the deceased’s assets. This can include real estate, bank accounts, shares, personal belongings, and superannuation. These assets must be preserved until they can be distributed.
2. Applying for Probate
If probate is required, the executor applies to the Supreme Court of NSW to obtain a Grant of Probate. This gives them legal authority to deal with the estate. It involves submitting the original Will and relevant documents.
🔗 NSW Supreme Court – Applying for Probate
3. Paying Debts and Liabilities
Executors must identify and settle any debts, including mortgages, loans, and bills. These payments come from the estate before assets can be distributed to beneficiaries.
4. Communicating with Beneficiaries
Keeping beneficiaries updated helps avoid confusion or disputes. Executors should communicate clearly about timelines, delays, or any issues affecting the estate.
5. Distributing the Estate
Once debts and taxes are resolved, the executor can distribute the estate in accordance with the Will. This includes transferring property, closing bank accounts, and distributing personal items.
6. Lodging Final Tax Returns
The executor must arrange for any final tax returns for the deceased. This may include income tax, capital gains tax, or other applicable taxes, which must be paid before distribution.
Common Challenges Faced by Executors
Although some estates are straightforward, others may present challenges, such as:
- Family disputes over the Will’s interpretation
- Managing business interests or overseas property
- Locating missing or disputed assets
- Delays in probate or legal proceedings
These issues can quickly become complex, and legal advice is often essential.
When Should an Executor Seek Legal Advice?
If you’re unsure about any part of your duties, it’s wise to consult a probate and estate lawyer. Legal support can:
- Help prepare and lodge probate applications
- Assist with resolving disputes or unclear instructions
- Guide you through managing complex estates
- Ensure compliance with NSW probate law
Support from MCB Lawyers
At MCB Lawyers, we help executors throughout NSW understand and carry out their responsibilities with confidence. Our team provides clear advice, handles the paperwork, and ensures everything is done lawfully and efficiently.
📞 Contact us today or call (02) 9977 1133 for a confidential consultation.