Have you been chosen by someone to be the Executor of their Will? This means you have been given responsibility to manage their Estate according to the terms outlined in their Will, and to protect their assets under the laws that govern Estate Administration in Australia.
An Executor’s duties may include:
Being an Executor can be overwhelming, particularly when you are grieving, but rest assured we can guide you through.
Do Executors get paid?
If you are a beneficiary of the Will it is presumed that your benefit will cover your costs. If you are not a beneficiary then you can apply to the Supreme Court for commission.
Do I need a Lawyer?
Executor’s duties can be complicated, so it is a good idea to get advice from a lawyer. The cost of legal advice is usually covered by the Estate.
What is Probate?
Probate is recognition of the Will’s validity and permission from the Supreme Court for the Executors named in the Will of the deceased to carry out their duties in relation to the Estate. You will likely need a Grant of Probate to deal with the Estate’s assets, such as selling property.
What if there is no Will?
This situation is referred to as intestacy and the law determines how assets will be shared out after debts have been paid. If you are the next-of-kin you can apply for Letters of Administration, which will allow you to finalise the Estate.
What if I am not up to the job?
Just because you have been named an Executor does not mean you have to accept the responsibility. If there is another Executor named, they can take on the job, or if you are the sole Executor you can apply to the court to appoint someone else.
Please Contact Us to find out more or to arrange an appointment with one of our Estate lawyers.