The passing of a family member is always a challenging time for the rest of the family and close friends. Preparing for this is also a challenge; however it is an important stage of life and can make the proceeding days, weeks and months a lot easier for loved ones.
Establishing an executor of the Will in NSW can make the carrying out of the requests from the deceased a lot easier. Whilst anyone can take on this role, naming your lawyer often takes away any of the bias and ensures that it is followed exactly to the law and there can be no disputes.
Having a respected and trusted professional in charge is likely to also improve the wellbeing of those who were close to the deceased as they can be sure that everything is being taken care of in the best possible way.
At such a challenging time, wellbeing and stress-reducing practices are much needed and having an established executor will do that. They can provide a number of benefits for those involved and make the process run a lot smoother.
Understanding the Will and Knowledge of Changes
By handing the responsibility to a professional, it ensures that they have a full understanding of rules and regulations entailed. The earlier that this person is selected, the better, as it is sure to aid in the execution of the Will when the time comes.
When the executor has a full understanding of the declaration from start to finish, and any changes that have happened along the way, they are able to explain it all in greater detail to the receiving members.
A proper understanding of the Will means that it can be carried out in an efficient and conflict-free manner. This makes the whole process a lot easier for those involved who are often in a state of emotional hurt at the time given the passing of a close friend or family member. Employing the family lawyer to do so is likely to remove bias and quicken the process due to a depth of knowledge in law.
Maintain the State of Property
Often when someone passes they do not have anyone looking after their property (or properties) and they require upkeep before it is passed on to the desired person or sold. It is the job of the executor of the Will in NSW to complete this upkeep. They don’t necessarily have to do it personally, or even employ someone else to, but merely ensure that the property does not deteriorate.
Should the deceased have personal items in any of their properties the executor must keep them safe and hide any valuables so that the declaration by the deceased can be successfully carried out. Whilst it is not in good spirit, the declaration by the deceased can sometimes cause conflict between family members and this is why it is a good idea to hire an attorney to complete the process.
It is also the job of the executor, if the deceased didn’t have the property in their declaration, to determine if it should be sold or not. There are cases where the value of the property can be divided into equal parts to direct family but in some cases they may be better off selling. The executor and the involved family members all play a role in this.
Distribute Assets
Whilst the assets, and who they now belong to, is usually listed in the deceased’s declaration, it is a major part and usually involves the greatest valuation amongst the parts of the Will. There is often a lot of paperwork involved in the handing over of assets and having a legal professional employed to do it all is very beneficial for those involved.
Additionally, they are likely to have an extensive knowledge of the assets and all the paperwork relating to the assets in a file which again makes things a lot easier.
Execution of the Will
The overall execution of the declaration by the deceased can sometimes drag on and can be difficult to execute. Having a lawyer as the executor of the Will in NSW is likely to make things easier just because of their knowledge of the law and likely experience in this area.
The lawyer is likely to be able to settle any conflict that rises with simple facts and hopefully make the process a smooth one for those involved. The last thing that anyone wants is to have a major family dispute shortly after a family member has passed away.
