Individuals in the state who have been listed as an executor of the Will in NSW might be a touch overwhelmed with the duty.
Amid the grief of losing a loved one, there are some very practical requirements of clients in this space.
Thankfully there are some tried and tested strategies that will alleviate any anxiety.
We will look into the key takeaways that are available for those who have been given the title of executor of the Will in NSW.
Don’t Consider The Role as Mandatory
Clients who are trying to make sense of their role as executor of the Will in NSW should know something from the outset – they don’t have to perform that task if they don’t want to. There are lawyers and industry specialists who can be hired on their behalf, depending if they have been made sole executors or if there have been multiple parties involved. If they believe that they have work and family commitments that restrict what they can do, then they need to acknowledge that there are other solutions available to them.
Seek Assistance Where Possible
One of the most important takeaways that an executor of the Will in NSW can recognise is the need to seek outside assistance. This is often found in the form of a lawyer. They are particularly valuable when encountering any challenges or contests, occasions where a beneficiary or outside party will put forward a motion that argues they were wrongly treated or that the process was illegitimate. Instead of reacting at the last minute, these representatives will offer an independent assessment of the facts.
Oversee Probate Status
Local members who have been given the task to act as the executor of the Will cannot plan ahead and move on with their steps until they have achieved probate status for the document. This is where the courts legitimise the terms and ensure that all of the boxes have been ticked and the item is certified. Prior to putting any plans into action or communicating with other departments, this is the first port of call, allowing the executor to then work through the other commitments that are attached.
Protect Assets & Manage Accounts
In the event that there is property involved, assets like vehicles included and financial accounts thrown in, then the executor of the Will in NSW is tasked with managing and protecting them. This is at least until the stage that they are handed over to the right beneficiaries. If there are debts that need to be settled, they can be sourced from the accounts of the deceased estate. This is arguably the greatest challenge that the executor will face and one of the domains where assistance on the ground is required with trusted participants.
Keep Communication Lines Open
Among all of the lessons that the executor of the Will in NSW should adhere to, it will be the need to keep communication lines open during the span of the process. This is especially the case when it comes to discussing issues with the beneficiaries. If they feel as though they are informed and kept up to date with information, then many of the other obstacles will be put into perspective.
Ensure Secure Delivery of Entitlements
The most important task that an executor of the Will in NSW can undertake is the safe delivery of the entitlements to the beneficiaries. If there is legal counsel available and a support network in place, then these practices should be relatively simple to execute. There are services in place that will offer guidance on this topic.