I’m the Executor of an Estate; What Happens Now?

It is the executor’s responsibility to make the funeral arrangements according to the wishes of the deceased. You will need to make sure that religious requirements are met and hear the families wishes for laying the body to rest.

The executor will need to consult the will to understand if the deceased left instructions to be cremated or disposed of in another way.

Being appointed executor of an estate is a very important role.  It means that somebody as part of their will and estate planning has appointed you to oversee the administration of the estate after they die.  In some cases, executors are notified after the person dies and may not be aware of this important appointment.  In other cases, it may be a loved one, close family member such as a spouse or parent and the executor is well aware and ready to proceed.

In any case, an executor must have several important qualities including:

• They are expected to be reliable and act honestly
• They need to be competent and able to give instructions 
• They should ideally be located in NSW and/or be available to execute important documents for filing of an application for Probate in the Supreme Court of NSW if this is where the assets of the estate are primarily located.
• They must be able to maintain independence and oversee the estate without favouring one or more beneficiaries (including themselves if this applies). In some cases this can be the most difficult task.

Once an executor is aware of their appointment, there are several things they must do.  It is highly recommended as soon as they are notified that the deceased has passed, they should make attempts to locate an original copy of the will or provide a copy to a solicitor as soon as possible. The executor would also be expected to arrange the funeral and funeral expenses in conjunction with a solicitor, if appointed.

The executor will also be expected to confirm the assets and debts (liabilities) of the estate as well as notify important institutions such as banks, Centrelink and the Australian Taxation Office.

The executor will also be required to preserve or maintain the assets during the process of administration and should not do anything that unnecessarily depletes or reduces the value of assets.  It is important also that the executor does not use an asset for their own benefit such as moving into a residential property unless this is specifically provided for in a will. 

The executor during the process of probate needs to account to all beneficiaries as is an expectation of them of all estate expenses and the assets and liabilities and this is usually done in conjunction with a lawyer when the application for probate is being filed.  They should also be completing a tax return for the estate if appropriate and liaising with the Australian Taxation office.

Once all of these matters have been attended to and the Grant of Probate is received, after a period of six months from the date of death the estate can then usually be administered except in exceptional circumstances.

Because of the complexities listed above, in the vast majority of cases where assets are involved in estates the executor should seek advice from an experienced estate and wills lawyer.  Please contact our team for estate and wills advice at our Penrith, Richmond, Parramatta, Glenmore Park, St Marys or Sydney offices.

Calling in the estate is the process of transferring the deceased’s assets into the name of the executor. You will need the grant of probate, death certificate, and other transitional forms for each type of asset.

It is also the executor’s responsibility to collect any debts owed to the deceased unless the right to collect these debts ceased when the testator died. Joint assets held by the deceased and another party are not called in as part of the estate as ownership is given to the other party.

The executor may be liable if the assets of the estate become invalid or depreciate significantly because they were not distributed appropriately or at the right time. It is important to seek professional advice and keep track of all accounts and assets outlined in the will.

The executor must manage the deceased’s accounts and pay the debts of the estate. You will need to organise for these debts to be paid with funds that have not been left to a beneficiary.

We can help you to manage any remaining debts of the estate so that all funds are distributed appropriately.

Once the above tasks have been completed, the deceased’s estate will need to be distributed to the beneficiaries within 12 months of the death of the deceased (NSW). This time frame varies between states.

You will need to contact the beneficiaries of the will and arrange for them to take ownership of the assets left to them in the will.

The role of the executor can be complicated and time-consuming. It is normal to be unsure of what you need to do. You do not have to accept the role of being an executor and can nominate another executor if you are unable to take on the responsibility.

Rafton Family Lawyers are here to answer your questions and help you fulfil the requirements of the will correctly. If you would like more information, please contact one of our wills and estates lawyers now.