When somebody passes away, the executor plays an important role in administering the estate. It’s a big responsibility that requires a certain level of legal and financial expertise to ensure that the deceased’s wishes are carried out. Here’s everything you need to know about the role of executors in Australian estate planning and ensuring estates are settled correctly.
The executor’s main responsibility is to ensure that the terms of the will are followed. This includes gathering all assets, paying any outstanding debts, and distributing the remaining estate to the beneficiaries according to the instructions laid out in the will.
Before the executor can distribute the estate, they may need to apply for a grant of probate. This is a legal process that essentially validates the will and grants authority to the executor to act on behalf of the deceased. A lawyer can assist with this process, ensuring all legal obligations are met and there are no future issues or disputes.
The passing of a loved one is a difficult time, and part of the executor’s role is to keep the beneficiaries informed. Throughout the administration of the estate, beneficiaries should expect updates on the progress of probate, the status of the estate’s assets, and when they can expect to receive their inheritance. Clear communication also has the benefit of avoiding disputes that may otherwise arise from misinformation or a lack of information.
It’s not uncommon for disputes to arise during the administration of an estate. This could be somebody challenging the validity of the will or other disagreements between beneficiaries. The executor is often required to handle these disputes, especially as they have the legal authority to oversee the estate. Ultimately, the executor must ensure disputes are resolved fairly and according to the law—this can prevent costly and time-consuming legal challenges.
*This information is current at the time of publication. For accurate legal advice, please contact Scammell & Co on 08 8440 270.
