• Sally Davies – Senior Associate

What’s an Executor?


An Executor is appointed in a Will to ensure that all of the deceased’s debts are paid and that their assets are distributed in accordance with the Will. Does an executor get paid? Not usually. That said, a Will can nominate an amount you’re to be paid in return for acting as Executor or state that you’re to be paid for your time spent in administering the estate. If the Will doesn’t provide for payment, you can apply to the Supreme Court for a “commission”; however, this is not usually approved if you are also a beneficiary under the Will.

What if you don’t want to be the Executor? You can apply to the Supreme Court of NSW to renounce your position; however, this must occur before you have completed any of the Executor’s duties as otherwise this may not be approved.

What does the Executor do? In general terms, the Executor will need to:

  • Determine location and value of the deceased’s assets;

  • Apply for a Grant of Probate (this is a Court order which confirms the Will is valid and formally appoints Executor);

  • Arrange for the release of the deceased’s assets and payment of estate debts and expenses (after Probate has been granted);

  • Prepare a distribution statement showing the funds that have been in your control and how they are to be disbursed; and

  • Distribute the assets to the beneficiaries in accordance with the will.

If someone dies and you find yourself appointed their executor, we recommend you seek advice from a solicitor. Administering an estate can be complex and it’s important to get it right as you can be held personally responsible if you make mistakes.

This article is not legal advice and the views and comments are of a general nature only. This article is not to be relied upon in substitution for detailed legal advice.

24 views
All_Issues_Banner-01.jpg
Today's Local News
1232 Live Music Lake Mac InTouch 300x300
4640-Banners_V4.jpg
101618 02 East Newcastle Press 300x300.j
intouch THIS MONTH

ABOUT INTOUCH MAGAZINE

Every month intouch magazine captures the unique spirit of our region and grabs the attention of the community. Intouch magazine showcases what’s hot, what’s on and who’s who with a dynamic blend of inspirational articles, lifestyle features, fashion, events, food and travel – it’s the go-to source for people living in (or visiting) Newcastle, Lake Macquarie, Port Stephens and The Hunter Valley. It’s the place to be seen to build your reputation, tell your story, launch a new enterprise and keep the community intouch both in print and online.

CONTACT US

QUICK LINKS

297 Brunker Rd, Adamstown NSW 2289 

PO BOX 165, CHARLESTOWN NSW 2290

PH +61 2 4943 0888 

EMAIL US

subscribe to  intouch

Copyright 2015-2020 Two Tribes Media. Published monthly by Two Tribes Media. All rights reserved. Permission to reprint or quote excerpt granted by written request only. While every attempt has been made, Two Tribes media cannot guarantee the legality, completeness or accuracy of the information presented and accepts no warranty or responsibility for such.

© 2015-2020 Two Tribes Media