Role of an Executor and Business Lawyer

By: Aldrich Smith

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.

During the running of a busy business cycle last thing an entrepreneur wishes for is summon for some legal matters. Any renowned business house will testify the need of an experienced and good Brisbane Business Lawyers to be their saviour in the times of need. They are most likely taken to be as good business partners giving guidance and paving way for more profitable situations. For any kind of business contracts, tenders and legal binding require equal amount of participation from an expert Brisbane Business Lawyers.

Business can grow without any speed breaker when there are no legal implications hanging over the sustenance and growth of a business entity. Every industry/product or service requires a Brisbane Business Lawyers who can make this happen in a very smooth way. In depth knowledge and great amount of experience is required to handle business requirements from a legal perspective. Legal cases are not only time consuming but also draining away the productive finances from the business owner’s pocket, which otherwise can be used in some other productive way. Increasing number of legal issues has also given rise to the demands of a good business lawyer.

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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

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