The executor of Will is the person that the maker of the Last Will and Testament has chosen to be responsible for the administration of the estate following the death.
Often, the executor of Will, sometimes referred to as the personal representative, is a family member or a trusted advisor or friend. Sometimes, the Will maker has not notified the executor of the appointment during his lifetime, making the role a bit of a surprise. So, if you have been named as an executor of Will for the first time and sort of uncertain on what to do, read the following tips and guidelines to help you out.
1. Following someone’s death, the very first thing an executor should do is to locate the Will. Usually, a copy is kept amongst the “important papers” of the Will maker. The copy would usually give you important clues as to where the original document may be. It can be at the lawyer’s office or with a trustee company. The personal representative should contact the holder of the original documents, notifying him of the death.
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2. It is wise to leave the original paper wherever it is for the meantime and ask that a couple of certified copies be sent to the personal representative.
3. If the decedent or the executor is securing the original document, it is important that its condition is not altered in any way. To be specific, the staple should not be taken off for copying purposes. There shouldn’t be anything written on it. There shouldn’t also be any fastening devices like paper clips be attached on the original document. These will cause additional expense, time, and trouble in administration of estate if an application must be made to the Grant of Probate Court.
4. The executive of Will needs to familiarise himself with the the things written on the Will. Normally, it will contain a statement about required or preferred funeral arrangements.
5. The next duty of an executor of Will is to make suitable funeral arrangements either based on the requirements of the family of the deceased or with the deceased’s preferences specified on the Will. Typically, the director of the funeral will make clear that the person making the funeral arrangements is responsible for the expenses, but most Wills inform that expenses should be taken from the estate. At a right timing, discuss relevant matters about the Will with family members and other heirs.
6. As soon as possible, the personal representative must take some steps to identify and safeguard all assets. For example, the deceased’s home and other assets with similar value, should be secured. Credit cards should be located and destroyed, banks have to be informed of the death so they can put a freeze on all accounts. All mails must also be redirected.
If you are seeking for professional help in estate administration in Perth, go to the website of Estate Administration Services and meet the best and most dependable executor of Will.