Duties Of An Executor
ESTATE PLANNING INFORMATION SHEET
As the executor of someone’s estate you have a number of responsibilities and duties. Essentially you are required to disburse the property and finalise the affairs of the deceased according to the instructions in the Will, but there is more to it than that.
If you are the executor of someone’s estate your first responsibility is to find the Will. You are also responsible for organizing the funeral, cremation or burial.
You must obtain the death certificate, locate the deceased’s assets, debts and liabilities and apply for Probate where there are substantial assets.
Once Probate is granted, the next step is to collect the assets and clear any debts. Asset holders (such as Banks and Superannuation Funds) have different requirements which the Executor must comply with to obtain the assets.
After this, you can distribute the Estate as the Will sets out. Normally, personal assets like jewellery are distributed soon after death.
Whilst the job of Executor is usually a straight forward matter there can be complications. It is suggested that before appointing an Executor, you ask them if they are willing to do the job for you. It is also wise to talk to a Solicitor about the implications that may occur.
The chart below is designed to give you a better understanding of the process involved. For more detail contact us as we are able to take you step by step through your duties and assist you in finalising the estate.