The fear of making major errors is a more regular occurrence for the executor of Will in NSW than many would care to imagine.
Amid the grief that is experienced with the recently deceased, the logistics of managing their estate and passing assets onto beneficiaries can be a stressful exercise.
Fortunately there are enough case studies that demonstrates how participants can make this process easier for themselves and others.
Secure Death Certificate & The Will
To make life easier for themselves and for all other concerned, most reputable executor of Will in NSW must obtain two key documents – the Will itself and an official death certificate. To be authenticated through the court system and to pass any form of legal scrutiny, these items will inform judges and lawyers that the terms are valid and that the additional steps can be taken.
Secure Probate Status
The executor will need to ensure that the document has officially received probate status. This is where the Will is validated by the local court system, seeing the terms and conditions checked off and passed through the right channels. No other moves can be made until probate status is secured.
Run Through a Checklist of Items
The executor of Will in NSW will find their role much easier once they are abreast of key information. This is where a checklist comes in handy to detail the following documents and have them on file:
- Real estate details
- Open and joint bank accounts
- Credit cards
- Liabilities and debts
- Motor vehicles
- Driver’s license
- Electoral roll status
Once these parties have been informed and accounts can be closed and debts paid, the process becomes easier to manage. Such debts can be arranged through these open accounts or through the sale of property or assets from the deceased.
Protecting The Assets & Dealing With Challenges/Contests
There can be further complications with the executor of Will in NSW when it comes to potential challenges and contests to the document. A challenge will be seen when one or more of the beneficiaries believes that the signing of the document is itself invalid and was signed under dubious or illegal circumstances. A contest to the item will be seen when there is a beneficiary believes they are entitled to more than was stipulated. Whether these scenarios emerge or not, it is the executor’s duty to protect the assets from being compromised, stolen or lost during this process.
Have a Professional Representative Involved
While close family members will be able to help the workload for the executor of Will in NSW, a lawyer or estate planner will be able to handle some of the intricacies of the process far more effectively. There will be legal stipulations and potential negotiation and mediation processes required for split beneficiaries who are making contests or challenges, requiring the involvement of an experienced practitioner who can establish a working framework for all parties.
Don’t Feel Pressured or Rushed
It is important for the executor of Will in NSW to know that they are not under any immediate time pressures. Even when there are beneficiaries who wish to expedite the process for their own benefit, these parties are still afforded 12 months from the death date to contest the terms. This full annual term should provide some context for participants who feel under scrutiny and might be feeling levels of stress and anxiety. Professional assistance is at hand as close family members should realise that these duties won’t be all magically resolved if they rest on the shoulders of one individual. When an executor feels pressured or rushed, they are more susceptible to making errors that will slow down the procedure in any case.