As an executor you have been nominated by the deceased, to administer their estate. This means you may be responsible for:
- locating the original copy of the Will
- determining the assets and liabilities of the estate
- protecting the assets of the estate
- applying for probate
- liquidating estate assets, paying any liabilities, and distributing the estate in accordance with the Will.
- Dealing with superannuation and life insurance death benefits where these have been left to the estate or the ‘legal personal representative’
Dealing with the estate administration process can be stressful, especially after the loss of a loved one. You may need to deal with the various financial institutions, the courts, the Australian Tax Office, and beneficiaries of the Will. It is for this reason, many first-time executors will choose to work with professional to help navigate the estate administration process.
KDM Financial & Estate Planning has a team of dedicated professional who can assist you with the estate administration process.