Acting as an Executor

Acting as an Executor can seem like a daunting task, particularly if it’s your first time being appointed.  The hardest part for many first time executors seems to be knowing when their role starts and what they are required to do.

 

What is an Executor?

A person or organisation appointed in a will to manage assets on death and give effect to the directions made in a will.

 

What are my duties as an Executor and when do they start?

An executor’s role starts on the death of the Will maker.  Usually the first step in the process is to locate the Will of the deceased and to make funeral arrangements. Locating the Will is important as it will confirm who is appointed to act as Executor/s and it may also include the deceased’s wishes about their funeral arrangements.

We encourage executors to arrange a meeting with us to discuss the next steps once they have received the death certificate.

The next steps will usually involve a discussion about the following matters:

    1. Identifying the assets and liabilities of the estate;
    2. Ensuring the estate assets are protected;
    3. Identifying if an application for a Grant of Probate is required and an explanation of what Probate is;
    4. Acting in the best interests of the beneficiaries;
    5. Claims against the estate;
    6. Tax obligations;
    7. Distribution of the estate;
    8. Keeping records.

While applying for a Grant of Probate can be a straightforward process, the Probate Office of the Supreme Court estimates that about 95% of the applications are currently filed by solicitors or trustee companies.

If you have been appointed as an Executor and need advice or guidance, please contact Genevieve Knight on 9612 7295 to discuss further.