The following information will go over some facts about being an executor of will in NSW that are essential for you to know in order to perform the role to an adequate standard and minimise/eliminate the chances of a dispute. If you are chosen for this role, you should pay close attention to the following information.
What exactly is an executor of will in NSW?
When someone passes away in New South Wales, the person who administers their estate and supervises the inheritance of assets would be an executor of will in NSW. This person can be anyone and is usually a close friend or family member of the deceased.
You can elect as many of these administrators as you want, but most usually only do one or two. Often people will elect to hire a professional solicitor as their executor of will in NSW and there are many benefits to do this such as:
- They are unbiased professionals, meaning that they will have a clear and no-nonsense approach to ensure that the dead person’s final wishes are met.
- If you are elected to manage a friend or loved one’s estate, you can get advice and counsel from a solicitor to ensure the process goes smoothly.
- Because they are impartial, there is less wiggle room for parties to feel as though the document is unfair or find a justification to raise a dispute.
Do you get paid for the job?
If you aren’t a solicitor that’s been hired to supervise the deceased’s final wishes, then you won’t be compensated for your time. However, you can apply for a commission from the state Supreme Court.
This is rarely an issue as the court will usually deny request for pay when the applicant is also a beneficiary in the document. When a friend of family member is elected to be the executor of will in NSW, they are almost always provided for by the deceased in some way.
Can you ‘opt out’ of this role?
If you have no wish to carry out this role then you can elect to sign an official ‘renunciation’ and sending it to the state Supreme Court. If you want to go this route, you need to do it immediately as filling a renunciation gets more difficult the more duties you perform. Hiring a solicitor to help you with this is always a good idea.
Tips for being a good executor of will in NSW
Of course, if you decide to go ahead and assume the responsibility that has been laid before you then you will want to know some tips for doing it well. Make sure you adhere to the following:
Be fair, professional and impartial
Even if you are their best friend, you need to be impartial as possible in how you carry out your duties and don’t do or say anything that could influence a dispute being raised.
Be organized and punctual
You have a big job ahead of you and a great deal rests on your shoulders. The dead person put their trust in your to be their executor of will in NSW and you want to do the best job you can for their sake.
There you have it, hopefully the above helps you in being an effective executor of will in NSW and stops any disputes from being made.…