You’ve been appointed an executor – now what?

Estate administration is an important responsibility and must be carried out with great care. While administering an estate can be straightforward, complexities often arise and can make it a lengthy process.  People can assume the role without giving appropriate consideration to whether they have the time and ability to perform the tasks involved.

An executor has specific powers and duties, including to:

• Bury the deceased

• Make an inventory of the deceased’s assets

• Pay the funeral expenses, testamentary expenses and any debts

• Pay gifts

• Distribute the balance of the estate to the entitled people

• Keep accounts.

There are many things an executor should watch out for including the timing of distribution, creditors, insurance, selling real estate and claims, just to mention a few.  DIY executors, who do not take legal advice about their role and duties, can put themselves at risk of personal liability. 

We recommend you seek advice before taking on the role of an executor.  

To find out more see Estate planning and estates.

Disclaimer: The contents of this article are general in nature and are not intended to serve as a substitute for legal advice on a specific matter.  In the absence of such advice no responsibility is accepted by Bryce Williams Law Limited for reliance on any of the information provided in this article.