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duties, estate planning and wills. The role of executor is an important one. When a deceased person¶s will nominates an executor, that executor is entrusted with the whole of the estate and carrying out the wishes expressed in the will. WHAT ARE THE RISKS? If the executor fails to provide adequate information to a beneficiary, the beneficiary may bring proceedings against the executor for an order requiring full estate accounting. Such actions can obviously cause delay and incur legal fees in the administration of the estate. In some instances, the court may even order that the legal costs incurred by all parties as a result of the action be paid by the executor personally, so care should be taken to minimise the risk of being caught in this position. WHAT ARE AN EXECUTOR¶S SPECIAL REQUIREMENTS? The executor¶s role requires a person who: y y y Is willing to act, who is of an age and who resides in a location which will enable him or her to carry out the executorship effectively; Is trustworthy, highly organised and with a level of business acumen suited to the degree necessary for the administration of the estate; and Will carry out the fundamental obligations of an executor to obey the will and the law governing the role. WHAT YOU NEED TO DO Accounting to beneficiaries can seem quite daunting. If you are appointed as an executor of a loved-one's estate, there are a few questions you should consider: y y y y What does the beneficiary receive under the will? If you were in the shoes of the beneficiary, what would you want to k now? How much information are you required by law to provide to the beneficiary? What is the worst that can happen?
The level of information that you are required by law to provide to beneficiaries depends on what they receive under the will. We can advise an executor of their obligations to the various beneficiaries and assist them with the preparation of the appropriate information to be included in an accounting to them.
In our experience if a beneficiary is kept fully informed regarding the progress of the estate's administration he or she is more likely to be satisfied with the executor's work and less likely to bring proceedings against the executor. FOR MORE INFORMATION Contact Linda Quinn or Emily Ponting at redchip lawyers on 07 3852 5055 or email email@example.com or firstname.lastname@example.org ³Liability limited by a scheme approved under professional standards legislation´ redmails are a service to clients and associates of redchip lawyers. If you do not wish to receive the service, just reply to the sender¶s email address and write ³delete´ in the subject line.