When two lifelong friends begin to talk about serious matters, the conversation may turn to a last will and testament. They may make informal arrangements to act as an executor for each other in the very unfortunate event of their demise. Yet still, the sudden death of that party can understandably be a very traumatic and unexpected event, and if you had previously agreed to be that executor, what do you do next?
The Big Picture
In truth, not many people take the time to research the role of an executor in a situation like this. Certainly, if the other party had been ailing and death was, unfortunately, not far away, there may have been more of a pressing need to find out what needed to be done.
Paperwork
One of the first jobs here is to locate the actual will. You may then need to apply for a grant of probate to make sure that you can handle the real estate element of their estate. You will also need to get the death certificate from the registrar and may need to make copies of this, so you can distribute it to organisations that ask for it.
Notifications
An executor is often charged with the responsibility of notifying various public and private organisations. For example, they may need to contact the tax authority, the superannuation fund manager, banks or other financial institutions. Some will require a copy of the death certificate, while others will need relevant forms.
Assets and Liabilities
The overriding role of the executor is to locate any assets and make sure that they are added to the estate total. They will also be asked to take care of any outstanding liabilities, which should be paid from the bank account or other assets. If the departed had a superannuation fund in place, that should be cashed in according to the regulations and added to the estate. There may also be a life insurance payout.
Distribution
In an ideal world, the will should document how the estate is distributed, which would be one of the last jobs for the executor. Still, if there is any dispute here, or if a third party was not mentioned in the will but lays claim to some of the estate, certain competition can arise.
Legal Advice
The job of an executor is rarely straightforward, and there can often be legal questions to deal with or hoops to jump through. So, if you're unsure about anything, talk with a lawyer who handles cases that involve wills and estates.
Share28 March 2022
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