Estates

As an executor or executrix of an estate, you will have many responsibilities including:

1) Locating the final Will, or dertermining that there is no final Will.

2) Obtaining a Certificate of Appointment of Estate Trustee (either with or without a Will)

3) Locating creditors and debtors (and paying and collecting on debts which can be proven)

4) Locating assets (including bank acocunts, savings, pensions, insurance policies)

5) Locating and identifying beneficiaries

6) Distributing assets in accordance with the Will (if there is one)

a) Specific bequests (giving one or more specific items or amounts)

b) Residual bequests (giving some portion of everything not dealt with otherwise in the Will)

c) Contingent gifts (gifts with a condition attached)

7) Distributing assets not dealt with in the Will according to the laws of intestacy

8) Filing tax returns, including returns for the estate until it is wound up.

9) Keeping detailed records of all transactions involving the estate and any trusts

This list is not comprehensive, it is intended only to give a general overview of the major issues. Each estate is different.

If you have specific questions on estates please contact us.

 

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Page updated 30 September 2015