Want clarity on the various roles, duties and responsibilities of your Executor of Will role? Our affiliate law firm, Safewill Legal, is here to help. Explaining everything you need to know about fulfilling this role, and empowering you with the knowledge to fulfil this privilege with the utmost confidence.
When making a Will, the first thing that mut be considered is who to appoint as the executor. It becomes the executor’s role to administer the estate in accordance with the terms of the Will, once the person who made the Will has passed away.
Before they start the administration process, the executor must locate the original Will. The deceased may have told the executor where to find the Will before they died, in which case it should be easy to locate. It should be stored in a safe place, perhaps among personal documents, in a filing cabinet, in a safe deposit box, or with the deceased’s solicitor.
If the original Will cannot be easily located, then the executor will need to conduct various searches to try and find where the deceased stored the original Will. This may include contacting the deceased’s bank, usual accountant or law firm, or the Public Trustee in the deceased’s State to see if any of these places hold the original Will in their safe custody. A lawyer can also help with this step, as they have experience in contacting these types of organisations.
The main duty of an executor is to locate the deceased’s assets, pay off any debts (including funeral expenses, Probate fees, and any debts such as credit cards or mortgages) and distribute the remainder of the estate to the beneficiaries of the Will.
The responsibilities of being an executor, and tasks required to be completed, can broadly be broken down into three stages – immediately after death, pre-Probate and post-Probate.
Immediately after the Will-maker has passed away:
Pre-Probate:
Post-Probate
The following list sets out some of the things an executor must not do when administering the estate:
If the executor abuses their duties or fails to act according to the Will-maker’s wishes, their responsibilities can be rescinded. A beneficiary can contact the relevant Supreme Court to raise their concerns and apply to have the executor removed and replaced.
The executor of a Will does not have automatic access to the deceased’s bank accounts. Once the Will-maker dies, the executor will need to contact the relevant financial institutions to be able to access funds so they can pay off debts and arrange the transfer of assets.
Most financial institutions have a process in place to deal with deceased estates. The executor will need to fill out paperwork, including a deceased customer notification form, to confirm the identity of the person who has died and get authorisation to access the funds. The bank will need to see original versions or certified copies of the Will and death certificate, as well as the Grant of Probate (if applicable) before they approve access.
In some situations, the executor may need to set up a bank account in the name of the estate to fulfil their duties. Once this is done, funds can be transferred to the new estate account to pay off outstanding debts prior to distributing the remaining balance to beneficiaries.
Establishing an estate bank account can be very helpful if there are multiple accounts to be closed and consolidated, assets to be sold and liquidated, and/or a Refundable Accommodation Deposit payable to the estate.
This article is brought to you by Safewill’s affiliate law firm, Safewill Legal.
If you have been appointed as Executor of a Will or are the next of kin for someone who has passed away without a Will, we’re here to help.
Safewill Legal is Australia’s most affordable fixed-fee Probate and Letters of Administration service. We charge one fixed fee to obtain a Grant of Probate or Letters of Administration, regardless of the size of the Estate.
Our local team can readily provide you with complimentary guidance about where to start. Reach out on our live chat or call us on 1300 942 586.
Disclaimer: The information contained in this guide is not intended to be a substitute for legal advice but as a basic guide to the application process. If you have concerns or queries you should consult a legal professional about your specific circumstances.