Elements and Performance Criteria
- Initiate the process of accepting the role of executor
- Factors to accept or renounce administration of the estate are determined and a decision is clarified
- Initial proceduresfor opening an estate file are undertaken
- Possible risk factors and irregularities in the will are identified and strategies for appropriate action determined
- Urgent mattersneeding immediate attention that may arise, depending on the complexity of the estate, are dealt with in a timely and professional manner
- If required, factors which increase the risk of litigation are identified and appropriate strategies executed
- Co-executors are advised of options regarding their roles and the estate administration process and the will is proven
- Identify, collect and distribute assets
- Assets and liabilities are identified with assets collected, transmitted or realised as requested
- Liquid assets are deposited in appropriate funds and cash receipted according to legal requirements
- Steps are taken to ensure that property is adequately insured and secured, particularly where conflict may occur
- Arrangements for storage of chattels, and handing over of any bequests are confirmed
- Beneficiaries are advised of Capital Gains Tax (CGT) implications and assets are distributed promptly according to the terms of the will or intestacy laws
- Scheme of Appropriation is prepared and submitted to appropriate persons for approval and all internal audit requirements complied with
- Ensure legal and financial requirements are finalised