December 2016
Executorship and estate administration: a substantial opportunity for advisers
Overview
Almost one in two people will at some point in their lives be required to act as the executor of a deceased loved one’s estate. With the majority of adults being married (formal or de facto), the death of a partner usually means they will be the executor of that partner’s estate — either alone or with another family member. Children, particularly the eldest ones, can also expect to fill the role when parents pass away. Thus, it is not surprising then a common question is, “What is it precisely that I’m supposed to do as executor?”
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Learning objectives
After reading this article you should be able to:
- Discuss the magnitude and depth of executors’ responsibilities
- Propose ways that advisers can assist with probate and estate administration
- Explain executor remuneration and factors that can affect the amounts paid.
Knowledge areas and accreditation
Knowledge area: Estate Planning (45 minutes/0.75 points).
FPA CPD points 0.75 Dimension: Capability (FPA 008606).
AFA CPD points 0.75 (AFA 01022009).
CPA Australia CPD points 0.75 (CPA 000160).