When you have crafted the last will and testament the next question arising in your mind is who is going to be the executor of your estate? It is of prime importance to appointment the one who is capable of carrying out his/her duties in accordance with your Will. To ascertain this factor you must know the Duties of an Executor in Queensland? Although the list of duties is very long but there are some with prima-facia and must be carried out always like collecting all of your debts after you have passed away and making arrangements to have those debts satisfied.
Duties of an Executor in Queensland is to check insurance policy and make claim for death benefits, collection of your last pay cheque in order to clear off the existing debts. Executor can also look into selling of shares if the deceased had any to satisfy his estate debts. Will executor must possess a good business sense and can think in favour of your family. A good executor is neither an attorney nor an accountant but a very fine mix of both ensuring to fulfil his duties in the best possible manner.
Duties of an Executor in Queensland include finding the latest will and read it, then file a petition with the court to probate the will. He/she is also responsible for safeguarding the residence if left empty, valuables, personal property and important documents. Determine liquidity needs if required. Assemble bookkeeping records and review investment portfolio and make appropriate arrangements. Sell appropriate assets to make payments of valid claims against the estate. Contacting and consulting bank to check savings and loans in the area to find all accounts of the deceased. He should also file of income tax returns for the descendent and the estate along with filing of Federal estate tax return and state death and/or inheritance tax returns.
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Aldrich Smith is an author for smlawyers, One of the Best law firm based in Brisbane. He has written articles on criminal, family, divorce, property and other areas. Call today for a free consultation smlawyers.com.au.
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