A Will maker appoints an Executor who will be their representative upon death and they will be entrusted with ensuring that the wishes and instructions stated in Will are fulfilled.
The Executor calls in assets, pays liabilities and distributes the estate to the beneficiaries. An Executor could be a family member, friend or a professional (such as your Accountant or Solicitor).
Duties and responsibilities of an Executor include but are not limited to:
- Obtaining and ‘reading’ of the Will
- Obtaining Probate of the Will, if required – this depends on the nature and extent of the assets
- Calling in assets of the estate – where appropriate
- Paying estate expenses and dealing with any liabilities
- Arranging for valuations/appraisals of assets if necessary
- Ensuring insurance coverage over assets are maintained
- Transferring or selling any assets
- Seeking taxation advice for the estate and having the final tax returns completed if necessary
- Ensuring that the beneficiaries receive their gifts under the Will
- Being aware of factors which may result in a claim being made against the estate and obtaining advice accordingly
Finding a dependable lawyer in Cairns
Drawing up a Will is an important process that protects you and your legacy and requires careful consideration. The team of Marino Lawyers can assist you to ensure that your assets will be dealt with in accordance with your wishes.
Marino Lawyers can also assist you if you have been appointed as an Executor and are not sure where to start.
For enquiries, don’t hesitate to call (07) 4081 6700.