ESTATE ADMINISTRATION
The administration of an estate can be challenging time. The loss of a loved one is never easy and the processes involved in administering an estate can be particularly daunting, especially for first time executors. As an executor, you are nominated to administer the estate of the Will maker after they are gone. In some cases, an executor can renounce this appointment, leaving remaining executors to act or appointing a new executor.
Duties of an executor include:
- locating the Will
- determining the assets and liabilities of the estate and protecting assets of the estate
- applying to the Supreme Court for a grant of probate or letters of administration (where there is no Will)
- collecting all estate assets, paying liabilities and distributing the estate to beneficiaries in accordance with the terms of the Will
Although no professional qualifications are required to act as an executor, it is advisable to seek the assistance of a legal professional to assist in this sometimes complex process.