The Role of an Executor in Estate Administration05-12-2022 | Video | Marco Manna
When someone makes a Will, they usually name or appoint an Executor whose job it is to oversee the distribution of their assets and make sure that the conditions of the Will are met when the person passes away.
This role will usually fall to a loved one or family member, and quite often a beneficiary named in the Will, but in some instances a person will appoint a Solicitor as their Executor.
I’m Marco Manna and I work in the Wills and Estates team here at Lamrocks.
We often help clients who have been named as an Executor to administer the deceased’s Estate and perform all the duties they are responsible for as part of the role.
Administering an Estate can be a lengthy process and the laws surrounding Wills are complex.
You need to make sure that you meet any relevant deadlines and perform each step in the process as required.
Having an experienced lawyer to guide you along the way is really important.
If you have been named as the Executor of a Will there are a number of tasks that you will be responsible for.
These will include:
In the first instance, you will need to identify and collect all of the assets owned by the deceased.
This will include any assets held solely in their name, such as properties, cars, superannuation, cash and so on. Property or bank accounts that were held in joint names will usually be transferred automatically to the remaining owner.
Life insurance will also need to be claimed, if they had a policy, so that this can be included in the Estate.
If the deceased owned assets in their sole name over a certain value, you may also need to apply for a Grant of Probate.
A Grant of Probate is a Court Order giving the Executor permission to carry out what a Will says.
Not every Will needs a Grant of Probate but it is usually required if there are large sums of money, real estate or other valuable assets involved.
As your lawyer, we will be able to advise whether this necessary and we can make the application on your behalf.
THEN you will need to find out what debts or liabilities the deceased may have owed such as personal loans , credit card bills etc and pay them off from the assets of the Estate.
You may also need to lodge a final tax return on behalf of the deceased.Depending on the assets of the Estate, the Estate itself may even need to lodge a tax return and pay any tax owing.
Once everything is collected, the Grant of Probate is received, and you have settled any debts or liabilities owed by the deceased, you can begin distributing the remainder of the Estate to the beneficiaries named in the Will.
The passing of a loved one or friend is a very emotional and stressful time.
It can be made even harder if you are also the Executor of their Will.
The team here at Lamrocks understands the difficulties you might be facing and can help you every step of the way.
Whether you need help locating where assets might be held, advice on dealing with financial institutions or help obtaining a Grant of Probate, we can ease the burden by making sure you meet any relevant deadlines and follow the legal requirements.
If you are the Executor of an Will, speak to a member of our experienced Wills and Estate team for accurate, professional advice. Contact Lamrocks Solicitors on ph: 4731 5688 for assistance.