What is an Executor?
The executor of a Will is responsible for carrying out the wishes of a person after they die. The role of the executor is to manage the estate within the terms of the Will and protect the assets of the estate. The executor of an estate must comply with various laws and rules that govern the administration of deceased estates.
NSW Trustee and Guardian (formerly Public Trustee NSW) can be nominated executor in a Will or we can take over the task from someone who has been nominated executor by a friend or family member.
Many people when nominated as an executor are unsure of what is expected of them. The duties of an executor can be complex and demanding and require an understanding of the law, tax and accounting requirements.
There are many steps involved in being an executor. The duties of an executor may include:
- Attending to funeral arrangements
- Locating the Will
- Applying to the Supreme Court for a grant of Probate of the last Will (Probate is a formal document that confirms the executor and gives them permission to administer the estate)
- Determining the beneficiaries
- Collecting assets
- Making sure all claims and debts are received, assessed and paid if substantiated
- Distributing assets according to the terms of the Will, including managing longer term trusts
- Preparation and management of accounts
- Preparing and lodging taxation returns
- Defending litigation
Why would I appoint the NSW Trustee and Guardian as my executor?
As being an executor is a complex and time consuming task, it is wise to appoint a professional executor such as NSW Trustee and Guardian. This minimises the workload and burden on your family and friends at a difficult time.
We are experts in estate administration and have a range of professional staff including trust managers, accountants and solicitors providing the full range of executor services. We are a ‘one stop shop’ for estate administration and equipped to deal with any problems that may arise.
Benefits of using NSW Trustee and Guardian Executor Services:
- NSW Trustee and Guardian is an enduring organisation that will always be around to act in your, and your friends and families best interests as executor.
- Our specialist staff have years of experience dealing with every aspect of estate administration and with the complex duties of an executor.
- Any financial assets are invested prudently in our Common Fund and earn a return while an estate is under administration.
- Our independent and impartial involvement in the administration of an estate will ensure that the people you wish to benefit, will have their interests looked after.
For further information about appointing the NSW Trustee and Guardian as executor of your Will please call 1300 364 103 or complete our contact form.