When a person dies, apart from the funeral arrangements there are legal aspects that the close family needs to address as well. Though it is a time of grieving knowing some basic things about representatives that will handle the legal work goes a long way in helping to make the process smoother. One such person is called an Executor.
An executor or an administrator does a very personal job of mediating with the diseased party’s family and the legal body. Usually if the dead person has made a will it will state who the executor is, however sometimes a person dying without a will Perth needs a representative as well, then a court appointed person will take on this role. This person is known as an administrator. The role they perform is the same; the only difference is in how they are appointed. When a person is appointed as an executor, he or she first has to offer the will to be examined and confirmed as a valid document. This is popularly known as probate in legal terms. Once this is done he or she is responsible for protecting the assets and distribution of the same as per the requirement of the will. Paying taxes and any debts also falls under this person’s responsibility.
The executor needs to examine the documents carefully and get approval before a judge before distribution of the funds. He or she also needs to get a letter of testimony from the court showing the authority given to him. For an administrator this is done through letters of administration Perth.Apart from this, paying for funeral and burial expenses also falls on these representatives. They are expected to use the funds of the estate to get this done. They are to be in contact with the funeral home to obtain the death certificate which will be needed for several purposes such as closing accounts and filing tax returns on behalf of the family.
Distributing the assets previously owned by the diseased is also the representative’s responsibility. The executor or the administrator will need to get the help of an attorney. He or she will also need to determine the value of the assets before distribution or liquidation to pay for any debts. It is also important to note that the executor needs to make sure that debt of the estate is paid off fully before distribution of any material as gifts. Till everything is sorted, he or she also must bear the responsibility of taking care of the estate and any property within.
It is by no means an easy task, and if you are appointed as such a representative, it is important you get advice before taking it on as well.