Everyone understands that a Will is an extremely important document.  It should be kept in a secure place.  For example, if whilst in the custody of the Willmaker an original Will is lost there is a legal presumption – which can be overturned by contrary evidence– that the Will was revoked.

Apart from disposing of one’s net assets, a Will appoints an Executor to be in charge of the deceased’s Estate.  In accepting that position the Executor has responsibilities to:

  • Pay funeral expenses at an early date if funds permit.
  • Pay other creditors avoiding interest liabilities again if funds permit.
  • Take possession of Estate assets.
  • Realise all Estate assets in readiness to distribute according to the provisions of the Will.
  • In more complex Estates it may require specialist decisions to be made which may lead to the Executor obtaining professional accounting, business, investment or financial advice as guidelines for proper decision making.
  • Obtain expert legal advice if challenges or unresolvable issues arise between the beneficiaries of the Estate or other persons claiming entitlement from the Estate.
  • Where continuing duties arise such as in the maintenance or support of young children perform these tasks as a Trustee.