EXECUTOR’S QUESTIONS ANSWERED

An Executor is the person named in a Will as responsible for gathering in the assets of the Deceased and distributing those assets out to the nominated Beneficiaries.

Often, the Executor is a family member or close personal friend.  Such an Executor has the advantage of prior familiarity with the Deceased’s personal affairs, but is often burdened with ignorance as to the rights and responsibilities of the role. Commonly asked questions include

• What is Probate and do I have to apply for it
• How do I sell the Deceased’s assets, can I delay the sale or transfer ownership of the item direct to the Beneficiaries intact
• Can I be held personally accountable if any of the Deceased’s assets are damaged or stolen before they can be sold or transferred to the Beneficiaries
• Can I be sued personally for the debts of the Deceased
• What do I do with items that might not have any value
• What do I do if I am one of the Beneficiaries and I am fighting with other Beneficiaries
• What happens if a child or spouse of the Deceased has notified that they intend to challenge the Will
• What do I do with money that is bequeathed to children who haven’t yet reached the age of being entitled to take the bequest
• Can more than one person be named as Executor

This publication has insufficient space to answer all of these questions so let’s deal with question one – Probate is the process by which the Will is proven to be valid. A Probate order installs the Executor into an unchallengeable position to deal with all of the Deceased’s assets and liabilities. Banks/Financial Institutions often require Probate to be obtained before they will release the Deceased’s money^* to the Executor. If the Executor has concerns that others are intending to challenge the Will, the Executor would be wise to apply for Probate for protection even if it is not required for any other purpose. For answers to the other questions and more, please feel free to contact our office for a free Executor’s information sheet or come along to our upcoming Executor’s information evening at 9/15 Discovery Drive Northlakes on Wednesday, 7 August 2019 at 6.30 p.m.  To register for the seminar please either telephone (07) 3385 0999, email info@zandelaw.com.au or REGISTER HERE.

* Each Bank operates on their own threshold but the amounts usually range between $50,000 and $90,000.

Joshua Zande is a Solicitor at Zande Law Solicitors, Suite 7, Norwinn Centre, 15 Discovery Drive, North Lakes. To contact Josh for advice, please phone (07) 3385 0999.

The information in this article is merely a guide and is not a full explanation of the law.  This firm cannot take responsibility for any action readers take based on this information.  When making decisions that could affect your legal rights, please contact us for professional advice.