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FIVE THINGS EXECUTORS NEED TO KNOW ABOUT THE ADMINISTRATION ACT 1969

If you’re named as an executor of someone’s will in New Zealand, it’s important to understand the Administration Act 1969. This act outlines the rules and procedures you’ll need to follow as you carry out your duties. Here are five key things all executors should know about the Administration Act

Your duties as an executor

As an executor, you have a duty to distribute the assets of the deceased person in accordance with their wishes as stated in their will. You’ll need to apply for probate, gather all the assets of the estate, pay any debts, and distribute the remaining assets to the beneficiaries named in the will

The importance of a will.

It’s important to follow the will maker’s instructions in the Will. If there is no will or if the will is invalid, the Administration Act will dictate how the assets of the estate are distributed.

Timeframes for administering an estate

If an executor doesn’t do their job within 3 months, then the other executors or the beneficiaries can seek a court order to have you removed as executor and/or how to deal with the estate property

The role of the High Court

The High Court has the power to intervene in the administration of an estate if necessary. This may happen if there is a dispute among the beneficiaries, if the executor is not fulfilling their duties, or if there are other issues that need to be resolved.

Liability as an executor

Executors can be held personally liable if they breach their duties or make mistakes in the administration of an estate. This means that they could be sued by beneficiaries or creditors of the estate. It’s important to seek professional advice if you’re unsure about any aspect of your role as an executor.

Being named as an executor is a big responsibility. It’s important to understand the rules and procedures outlined in the Administration Act so that you can fulfill your duties properly. By following these five key principles, you can ensure that the administration of the estate goes smoothly and that the wishes of the deceased person are respected.