Question
1. What are The obligations and duties of an executor including: a. the effect of publishing Notice of Intended Distribution (Creditor's Notice) under s 33
1. What are The obligations and duties of an executor including:
a. the effect of publishing Notice of Intended Distribution (Creditor's Notice) under s 33 of the Trustee Act;
b. the prudence of obtaining beneficiaries' receipts given that beneficiaries are family members and a charity.
2. Collection and transmission of each asset in this estate including: a. specific documentation required to transmit or realise each asset as appropriate, considering the terms of the will.
One of the paintings is a Clarice Beckett painting which the executor has valued at $50,000. A beneficiary wants this painting. What am I required to do in that situation and what responsibilities do I have to the other beneficiaries in that situation.
3. Revenue matters relevant to this estate Explain: the need for filing a final income tax return; the need for any estate returns; and any CGT considerations given that a charity is a beneficiary.
4. Executor's commission and estate accounts a. One of the beneficiaries has requested an interim distribution. What are my professional obligations about that? b. I have heard that as an executor I can claim executor's commission. What is my entitlement to that?
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