If you’ve been named as an executor of a will in Queensland, it’s important that you understand the legal duties and personal liabilities that can be encountered. WGC Lawyers has long been a trusted partner for dealing with wills and estate planning in Cairns and across QLD. Contact us today to book your consultation.
What Are an Executor’s Legal Duties in QLD?
As an executor, your responsibility is to administer the estate of the person who has passed away, as instructed in their will. Your specific duties will cover:
Organising the Estate: This involves locating the most up-to-date will, checking and protecting it, confirming the insurance status of the assets mentioned in the will, and notifying the people who will be receiving something from the estate.
Managing Financials: This includes determining the debts and liabilities of the estate and collecting any valuables or income laid out in the will.
Distributing Assets: Finally, an executor will distribute assets according to the will and prepare the necessary financial statements.
What Personal Liabilities Might an Executor Face in QLD?
While acting as an executor, you may inadvertently expose yourself to personal risk. Administering an estate can involve navigating complex laws regarding taxation, asset transfers and more. Moreover, legal disputes may arise over the will’s validity and its administration. Improper execution of the will by an executor can risk personal liability. Your best choice is to contact WGC Lawyers, a trusted wills lawyer in Cairns and across Queensland.
How Can A Professional Wills Lawyer Help You?
A professional wills lawyer will help you to understand and navigate complex laws that apply to the will and its administration. Furthermore, they can help you to identify all applicable assets and debts of the estate and handle legal disputes that may arise during the administration of the estate.
As an executor, you’ll administer the estate of the will in question, including organisation, managing the finances and distribution. Mistakes can open you up to personal liability, so contacting a lawyer is your best choice. WGC Lawyers has been dealing with wills and estate planning in Cairns and across QLD for over 50 years. Contact us online, or call us on (07) 4046 1111 today.