Undertaking the role of the executor of a will can be difficult, especially when dealing with the loss of a loved one. The executor has six months (Supreme Court Rules 1970, Part 78, Rule 16) from the date of death of the deceased to file for probate. Filing after this date requires an explanation to the Supreme Court of NSW accounting for the delay.
It will make the executor’s or administrator’s job easier and quicker if your will is up to date, valid and properly executed. It is critical that your executors know where you will is stored so that the will can be easily located.
What to keep with the will
- list of insurance policies
- list of bank accounts and details
- list of credit cards
- list of superannuation details
- share portfolio and account details
- list of people to be notified with contact details including accountant and/or financial advisors.
- list of organisations to be notified, for example Centrelink, clubs etc – businesses that may take direct debit payments from your accounts
- anything else you think may assist, like passwords to your computer etc.
Keep in mind that these documents will need to be able to obtain access, for instance there is little point having these documents on a folder of your computer if that computer is password protected.
One of the first things that your family and executor will be responsible for is organisation of the funeral. If there is money in a bank account, in our experience the executor can often obtain access to those funds before a grant of probate with the authority of the bank.