Knowledge about Law of Will: What should an executors of will to do to handle this case
The trust granted to an executor of a will can be overwhelming. Indeed the duties require a great deal of time and energy on the part of the executor. Even if the deceased has left a will it can be quite complicated to try and figure out how best to distribute the assets the deceased has worked for and wishes for them to be distributed.
The emotional ties an executor may have to the deceased can sometimes be a detriment to following the last wishes.
An executor must assess the assets of the deceased’s estate and distribute the assets to eliminate any liabilities or charges against the estate. The executor then assesses the remaining assets for distribution to the beneficiaries. Obtaining a Grant of Probate to allow the transfer of assets must be obtained before the estate can be finalized.
Trying to maneuver the estate system can be quite complicated. For example, as an executor, how many people are aware that section 61 of the Probate and Administration Act 1898 that all assets of the deceased are vested in the NSW Trustee if a person dies leaving assets NSW? If a person died leaving a valid Will then the person named executor has to apply to the Supreme Court of NSW for a grant of probate in regards to the deceased’s last will.
Especially if the executor has been close to the deceased, he or she may not be emotionally ready to deal with the legal parameters necessary to satisfactorily complete the duties of an executor. Proper application in a form that will comply with and satisfy the Supreme Court of New South Wales (NSW) that the Probate and Administration Act (NSW) and Supreme Court Act (NSW) have been obeyed and followed to the letter.
As an executor it is your turn to put trust in an organization that is ready to help make sure all the legal steps have been followed in the estate entrusted to you. Drafting of all required court papers, lodging the application with the Supreme Court NSW and arranging for notices placed in newspapers have been published for the protection of the executor and the integrity of the estate.