Appointed as an Executor in a Will? Follow These Steps.

While writing a will, a person needs to choose an Executor. The duty of the Executor begins as soon as the person is deceased. It is the Executor’s responsibility to make sure that all the final wishes are fulfilled after he/she has passed away. 

The Executor is responsible to administer the person’s Estate. The Estate includes all the assets and liabilities of the deceased. The assets would consist of property and belongings of significant value like a house, car, shares and investments, while the liability consists of money owed like mortgage or loan. The Executor has various responsibilities and steps. Some of them are as follows: 

  • The first step is to find the person’s original Will and arrange the funeral for them.
  • The next step is to apply for death certification and apply for a grant of probate.
  • Then the Executor needs to find and contact the beneficiaries. Beneficiaries can be anyone who is left with something in the person’s Will. It can be anyone, interstate or overseas. 
  • The administrator protects the person’s assets and makes sure they are safe till they are given out to the person mentioned in the Will. This step also includes taking out any insurance or making an inventory.
  • The next step is to provide death notification to the banks, Centrelink, Australian Tax Office, and lodge tax returns.
  • The Executor needs to defend the Estate against legal action, resolving disputes between beneficiaries, and claiming life insurance and superannuation. 
  • The Executor will have to pay up any outstanding bills and debts from the Estate funds and then arrange for the assets to be valued. 
  • Another essential task is to set up trusts and administer them if written in the Will. This trust would then look after and protect a child or children’s assets until reach a certain age. 
  • The administrator must deal with any real estate and get it ready for sale if it is a part of the Estate. The final step involves distributing assets according to what is in the Will and providing a full accounting of the Estate’s administration to beneficiaries.