“Scott Morrison visited flood-affected regions of NSW’s northern rivers but received the opposite of a hero’s welcome, with residents of flood-devastated Lismore protesting his visit and calling for meaningful action on climate change. The body of a man has been found in flood waters in Sydney’s south-west. It’s believed to be a delivery driver who was reported missing amid the city’s torrential rain after failing to make a delivery. It brings the death toll from the floods in the state to nine.”
According to the recent unfortunate news, flood is considered as the most dangerous natural disasters, which having an executor to represent the person who has passed away and wrap up all of their personal, financial and legal affairs are truly important. Ideally, You Can Trust Allied can always provide advice on administering a Will, guiding people through the process and ensure people make informed decisions.
Once you’ve finalised a memorable send-off, an experienced lawyer can help clarify the legal and financial responsibilities of being an executor. You Can Trust Allied can also help protect people from potential lawsuits. There are some main responsibilities people now have as an executor of a Will:
1. Apply for probate
First, apply for a ‘Grant of Probate’ from the court. Simply put, probate ensures the Will is valid and that people have the court’s permission to carry out responsibilities as an executor. You Can Trust Allied’s attorney can better help people in understanding any mandated court appearance requirements and further court imposed duties and deadlines.
2. Preserve the assets of the estate
People now need to properly preserve and maintain the assets found until people can distribute them. Secure and insure any real estate or other property that belongs to the deceased person. People need to do this until the property is sold or ready for them to distribute. Make sure that any cash remaining in the deceased person’s bank accounts is accruing interest. Make this task a big priority, to prevent a personal claim bring made against them for making a mistake. While it may seem self-explanatory to determine the value of bank accounts and other financial holdings, all personal and real property should be accounted for.
3. Gather the estate assets and pay liabilities
Correctly distributing the assets of the deceased person is probably people’s main responsibility. Locating assets involves tracking down a few important documents such as recent bank and credit card statements from the last two years, building society account statements, certificates of title for any real estate holdings, latest rates notices for any properties, mortgage documents, share and debenture investment certificates, life and other insurance policy documents and more.
4. Defend the estate during any legal proceedings
If someone decides they want to try and contest or hold up the Will in court, people have to step in and defend the estate. The official title here is, ‘legal personal representative’. There are two main types of legal attacks people may face such as Family provision applications, more commonly known as ‘contesting a Will’ and Caveats over a Grant, a court notice that prevents certain things from happening without informing the person requested the caveat. To prevent yourself getting into all these legal attacks, get You Can Trust Allied to value the assets so when the beneficiaries express an interest in particular ones, people can distribute as fairly as possible.
5. Manage income tax affairs
Before people can finish their role as executor needed to tie up the deceased person’s affairs with the Australian Taxation Office by following the steps of Register the deceased’s death, lodge a final tax return and a ‘trust tax return’.
6. Distribute assets
It’s finally time to pass the assets on to their new owners. The deceased person will have, ideally, named who each of their assets will go to. When assets are valued, interests of beneficiaries in personal property are determined, and debts are paid, people should next distribute the estate’s assets according to the will.
To understand the responsibilities and duties of the executor role at each step along the way, tracking the progress, and keep tracking more financial details, offer the best tools available to help people in their executor duties and roles.
Media Contact
Company Name: Am-News
Contact Person: JANE
Email: Send Email
Country: United States
Website: www.am-news.com