Executor duties can you do it?

Often when we write a persons Will we ask who they want as Executor and Trustees. The reply, often, factoring the key consideration of trust and relationship as the driver. For example, my wife, my son he knows all about finance, he's really good at this.

But how many laypersons know what is really involved?

Well, you need to apply for the grant of probate and distribute the estate according the wishes of the deceased.

Sounds easy enough, but take a look at the forms, you have to ensure you account for the assets, pay the taxes due, settle all debts and liabilities before you can account to beneficiaries.

Some key facts;

  • You can be held personally liable for any mistakes made.

  • You must keep estate funds separate to your own funds, even if you are a beneficiary.

  • You cannot stand down if you intermeddle in the estate.

So, think about who to appoint. We offer a "hand holding" assistance service to help executors fulfil their duties.

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