Executor

The role of executor of a deceased estate comes with a lot of responsibility. Many may feel flattered at first at being appointed but subsequently regret it.

Some of the duties are:

  • Organise the will maker's funeral
  • Locate the original Will
  • Identify assets including debts owed to the estate and liabilities
  • Apply for probate - which includes advertising their intention to apply as well as lodging all the associated paperwork
  • Pay all outstanding debts of the estate
  • Locate beneficiaries
  • Invest estate assets to produce income during the period of administration
  • Maintain estate assets in good condition
  • Insure the estate assets
  • Distribute the estate in accordance with the Will or court order
  • Complete and lodge final tax returns of the deceased and the estate and pay outstanding tax liabilities
  • Deal with any challenges to the estate

If the estate suffers any loss due to the negligence of the executor, eg not insuring the assets etc. the executor may be held personally liable.