When you are grieving the loss of a loved one, it is difficult to take on any responsibility. However, you need to fulfil the wishes of the deceased person that they mentioned in the will. If you are the executor, then you need to follow the instructions provided in the document.
There is one thing you need to know: Taking any action without a probate grant is not possible in most cases. This document is necessary to obtain as it testifies that the will is valid. You can only manage and distribute assets when you have a grant of probate.
If you don't know what you need to do, then don't worry. In this blog, we will discuss the duties of an executor. Furthermore, you will find how hiring an attorney can make the probate process easier.
What Are The Duties Of An Executor?
To make things easy for you, we have listed some of the major duties you need to perform when you are the executor:
Finding original will
To thoroughly understand the testator's instructions, you need to find the original will. After you get the document, refrain from clipping any extra files. This is because unnecessary attachments will decrease the credibility of the original paper, and the probate process will become complicated.
Confirm all assets and debts
You can ascertain all the possessions and the pending dues that the deceased had by writing to the financial institutions and government departments. Also finding relevant records will be helpful. If you face any issues with this process, then you can take the aid of an accountant.
Protection of assets
It is essential to protect the assets left by the deceased person. According to the instructions in the document, you will have to store the valuables in a bank or invest them.
Sell or transfer valuables
As an executor, you have to take care of closing the bank accounts and sell or transfer assets as mentioned in the will.
Pay debts
You have to contact the creditors and repay them using the money you will receive from selling the assets.
Fulfil tax obligations
You need to finalise the tax affairs of the deceased person. This may include filing for tax returns or managing deceased estate tax.
Distribution of assets
After you clear all the pending dues of the bank and creditors, you have to distribute the remaining money or possessions to the beneficiaries. Confirm the individuals who are eligible to receive the inheritance left by the deceased person.
You will need a grant of probate to carry out the duties of an executor. You can apply for this document in the court by yourself but taking expert assistance would be a better option.
Here is why you should hire a Probate Lawyer in Adelaide:
Reasons Why You Should Seek Professional Services
- Experience and expertise: The attorney deals with probate cases on a regular basis. They know what the court's requirements are, so they can guide you on what documents you need to arrange. Also, with experience in the field, the lawyer knows well what obstacles could arise and how to deal with them.
- Avoid disputes: The family members and beneficiaries may not be able to understand the wishes stated in the will properly, so they might end up fighting over the distribution of assets. You, as an executor, may not be able to handle the dispute all alone. So, this is where you need an attorney who can help resolve any misunderstandings efficiently.
- No delays in the probate process: You must present certain documents in the court to proceed with the probate process. If any document is not filed or filled correctly, then the court will reject it. A rejection from the court means that you will have to put in more effort and wait for a long time to obtain a grant of probate. However, with the help of a professional, you can fulfil the court's requirements without any fault.
Conclusion
Getting a grant of probate is necessary as this document justifies that the wishes stated by the deceased are final and the right person will execute them. It can be overwhelming to deal with the probate process, but with an expert, you don't have to worry at all. To simplify getting a grant of probate, Jackson Legal & Associates can help you. They provide various services, from probate lawyers to Power of Attorney Solicitors. So visit their website for more information.
