My Parent, Spouse, Child or Friend have died. What do I do?
Losing a close loved one is very hard to cope with. You have to work through it a day at a time. First things first. Is there a Will? Where is the Will? Who is the Executor? If there is no Will who is the next of kin? The executor in consultation with the family decide the funeral arrangements. If there is no Will the next of kin is the person who is responsible for organising the funeral.
So far as seeing the lawyer is concerned, each person and family are different. Some need clarity as what to do straight away. Some are barely coping with the grief and need time before facing the task. That is totally fine. You decide when you are ready. Generally nothing can be done until the death certificate is issued and this usually takes about 4 weeks after the funeral. Once the death certificate arrives and you are ready, make the appointment to see us. We need a copy of the Will, the death certificate and details of the assets that need to be dealt with. You do not need to be business minded, we can take you through that, you just need to be focused on how the deceased would want things done. We will take you through what is required, explain the steps and advise you of the estimated costs involved. To assist you with some of your questions, we provide the following general comments.
Executor Duties
An executor’s duties may include responsibilities such as:
- Organising the funeral, notices for the paper, flowers
- Locating the Will
- Obtaining a copy of the Death Certificate
- Making sure any property and assets are safe and secure
- Determining the value of assets
- Applying for Probate
- Paying insurance policies, debts and taxes
- Collecting monies belonging to the deceased from financial institutions and insurance companies
- Collecting debts owed to the deceased
- Lodging tax returns for the deceased and for the estate
- Selling properties and assets
- Reporting to beneficiaries
- Distributing the proceeds of the estate to beneficiaries
- Setting up trusts
Being an Executor can be overwhelming, particularly when you are grieving, but we will help you through it.
Do Executors get paid?
It depends. If you are a beneficiary of the will it is presumed that your gift will cover your costs. Even still you can seek an executor’s commission if you a beneficiary or the other beneficiaries agree. If the other beneficiaries do not agree to you receiving a commission you can apply to the Supreme Court. It is based on time and effort spent in your role as executor and as a general rule is about 2-2.5 % of the gross value of the estate.
Do I need a Lawyer?
Estates vary in complexity and Executor’s duties can be complicated, so it may be a good idea to get preliminary advice. We will be open with you, as to whether you need a solicitor or if you can do it yourself.
What is Probate?
Probate is recognition of the last Will’s validity and is a written recognition from the Supreme Court of the Executors right to carry out their duties in relation to the Estate. You will likely need a grant of Probate to deal with the assets of an estate, such as selling property and obtaining bank funds.
What if there is no Will?
This situation is referred to as intestacy. There is a government formula who is entitled based on next of kin rules. It is NOT the case that the government gets the estate money. If you are the next of kin you can apply for Letters of Administration, we can assist you with the process.
What if I’m not up to the job?
Just because you have been named an Executor doesn’t mean you have to accept the responsibility. If there is another Executor named, they can take on the whole of the job, or if you are the sole executor you can apply to the court to appoint someone else. You cannot change your mind later though – giving up the responsibility is final.
Contact us to find out more or to arrange an appointment with us.