Do you know your responsibilities?
An executor or administrator of an estate is responsible for tasks including:
- attending to funeral arrangements;
- locating the deceased’s will (if any);
- ascertaining the assets and liabilities of the deceased;
- applying for probate (if necessary);
- protecting the assets of the estate;
- collecting the assets of the estate;
- paying the debts of the estate;
- defending claims against the estate;
- distributing the estate to beneficiaries in a timely manner;
- establishing trusts for minors or testamentary trusts and, where appointed to do so, to administer such trusts;
- preparing estate accounts, and
- lodging tax returns on behalf of the estate tax.
There are some steps that the Executor/administrator will have to take of necessity immediately after the deceased’s death, so it’s important to get professional legal advice as a matter of priority.
Other duties of the Executor/Administrator include a duty to:
- provide the beneficiaries with access to the will upon request;
- insure estate assets;
- maintain accounts;
- keep beneficiaries informed;
- act in good faith, by not dealing with the estate assets for their own benefit or using their position to profit from the estate; and
- follow the terms of and defend the will of the deceased.
Turner Freeman Lawyers can assist with all aspect of estate administration.
Turn, to Turner Freeman for your estate administration needs
Our team practices exclusively in Wills and Estate Law and are here to guide you through the estate administration process. If you require assistance with your estate administration or need advice regarding an estate related matter, we encourage you to call us on (07) 3025 9000 for an obligation free initial case assessment.
This blog contains general information and is not to be considered as legal advice specific to your circumstances.