Finding out that you are an Executor for the Estate of a loved one can be confusing. Not only are you and your family experiencing grief, but you have been given the responsibility of an Executor. So what does being an Executor entail?
In order to fulfill your duties, it is important to first understand what the role of an Executor is.
An Executor is the person or persons who have been appointed by the Testator – that is, the person who made the Will – to carry out their wishes. On that person’s death your role is to distribute their Estate as directed in the Will.
This involves tasks like:
- dealing with the asset holders (such as banks, superannuation funds, shares and retirement villages)
- acquiring a Grant of Probate to release assets (if required)
- and distributing the assets to the Beneficiaries named in the Will according to the wishes of the deceased.
- Depending on the circumstances of the deceased, you may also have to administer trusts and pay debts of the Estate.
One of the most important tasks is obtaining a Grant of Probate from the Supreme Court which gives you legal authority to act as Executor. However, there are circumstances where a Grant of Probate may be unnecessary due to the limited assets of the deceased (for example small bank accounts and no real estate or where assets are owned in joint names).
At Frank Law, our dedicated Probate and Estate Disputes team are here to guide Executors through the paperwork and requirements to ensure the process is as smooth as can be. We understand that this can be a stressful experience, so we are committed to easing the burden as much as possible.
If you are an Executor of an Estate we can assist you in carrying out the wishes of your loved one. Please contact Kaitlyn Elvery at firstname.lastname@example.org.
This is not legal advice.