The executor of a will is responsible for overseeing the deceased estate, which can include assets such as property, bank accounts and personal belongings. The executor is named in the will, or if there is no will, then the next of kin is typically named the executor. As a will dispute lawyer in Sydney, The Will Challenge Lawyers can help you if you are named executor of a deceased estate. Keep reading for our overview of executor duties.
Main Responsibilities for Executor of a Will
The executor of a will may need to:
- Collect assets and arrange for valuation
- Determine debts owed and settle the debts with proceeds from the sale of assets
- Claim life insurance
- File tax returns
- Make funeral arrangements
- Submit the application for a grant of probate
- Distribute the estate as per instructions in the will
- Take legal action on the estate’s behalf
In many cases, executors hire an estate planner and a will dispute lawyer in Sydney to ensure the right people receive the right assets, and that any disputes are settled promptly.
What Executors Do in a Will Challenge
Being the executor of a will can become difficult if there is a claim made against the estate or a will challenge. In this case, the executor or administrator may be sued, and they will then need to notify all beneficiaries and recommend they seek independent legal advice. They will also need to take necessary precautions to protect assets and earn income where possible while the challenge is reviewed. A will challenge lawyer can assist in collecting evidence to defeat the challenge, as well as putting assets on hold and avoiding extra expenses.
Speak to The Will Challenge Lawyers in Sydney Today
Now that you know more about the duties of an executor of a will, you may want to speak to a will dispute lawyer regarding your concerns. The Will Challenge Lawyers can help you protect your inheritance with will reviews and challenges. Contact us online to schedule a consultation with our knowledgeable estate planning lawyers today,
