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 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
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
Why would I appoint NSW Trustee and Guardian as my executor?
NSW Trustee and Guardian has been administering estates for nearly 100 years and are experts in estate management offering a full estate administration service. As professional executors we have a range of staff specialising in estate and trust management, legal, financial and accounting services and are therefore fully equipped to deal with any problems that may arise during the course of administering the estate.
Our expertise in estate management is especially valuable in:
- Providing impartiality in managing disputes between family members in relation to inheritances – ensuring that you will not be caught in the middle or exposed to any liability
- Managing any long term trusts created by the Will,
- Administering overseas assets
- Handling income and trustee tax issues
- Handling conveyancing
- We also have extensive interstate networks through other State Trustees
- Our in-house genealogy department is able to efficiently trace all beneficiaries, heirs and next of kin reducing the time necessary to administer the estate. It also reduces the risk and legal consequences of distributing the estate to incorrect heirs.
- All money received from an estate forms part of our common fund and earns interest.
- NSW Trustee and Guardian is a perpetual organisation so we will always be around to ensure that the instructions of the Will are properly carried out.
How is the NSW Trustee and Guardian different from Solicitors?
Having a full range of professional staff including estate and trust managers, solicitors, accountants and genealogists NSW Trustee and Guardian is equipped to deal with any problems that may arise and we are able to offer a ‘one stop shop’ for estate and trust management.
Our ability to fulfil all the tasks of executorship differs from solicitors who act on the advice of the executor who has employed them and may only carry out some of the tasks of executorship.
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.