Being appointed as the Executor of a Will is both an honour and a significant legal responsibility. The role carries the duty of ensuring that the Deceased’s final wishes are properly carried out in accordance with their Will and applicable laws.
What Does an Executor Do?
An Executor’s role is to manage and finalise a person’s affairs after their death. This includes identifying the Deceased’s assets, paying off any liabilities, and then distributing the Estate to the beneficiaries named in the Will. Whilst these duties may sound straightforward, the process can be time-consuming and emotionally taxing, especially whilst grieving the loss of a loved one.
The Executor’s role can generally be broken down into three (3) key stages:
Step 1: Immediately After Death (Prior to a Grant of Probate)
Upon the passing of the Deceased, there are several important tasks to undertake:
- Arrange the Death Certificate;
- Locate the original Will;
- Arrange for a Death Notification in the paper (if appropriate);
- Arrange the Funeral – This should be in line with the Deceased’s wishes (which may be specified within the Will or in a Letter of Wishes).
- Identify Guardian of Minor Children (if applicable) – This may be specified within the Will or in a Letter of Wishes; and
- Identify care arrangements for Pets (if applicable) – This may be specified within the Will or in a Letter of Wishes.
Once the original Death Certificate has been obtained, the Executor can then begin notifying the relevant institutions of the passing of the Deceased, which include but are not limited to the following:
- Financial Institutions (Banks, Accountant and Superannuation Funds);
- Government Institutions (MyGov, Medicare, the Australian Taxation Office, Australian Electoral Commission, Ambulance Victoria, Seniors Card, VicRoads and Centrelink);
- Utilities/Service Providers (Gas, Water, Electricity, Phone and Internet);
- Insurance Providers (Home and Contents, Car, Private Health and Life Insurance)
- Subscriptions, Social Media and Email Account Providers.
Once the relevant banks have been notified, the Deceased’s bank accounts will become frozen. With few exceptions, the accounts cannot be accessed or managed until the banks receive a Grant of Probate.
Step 2: Applying for a Grant of Probate
Once the Executor has notified all of the relevant institutions and identified the Deceased’s assets and liabilities as at date of death, the next step is to prepare and lodge an application for a Grant of Probate with the Supreme Court of Victoria via the online platform, RedCrest.
The Executor is required to pay probate fees to the Supreme Court of Victoria when filing the application. For more information regarding the probate fees, which were increased as of 18 November 2024, please refer to our article linked here.
Step 3: Administering the Estate (Post-Grant of Probate)
- Opening a new bank account in the name of the Deceased’s Estate;
- Opening a controlled monies account in the name of the Deceased’s Estate so that the Estate’s funds can earn interest during the administration process;
- Collecting and manage the Estate assets;
- Applying for an Estate Tax File Number;
- Lodging the Deceased’s final tax return(s) (if applicable) and arranging the Estate’s tax return(s).
- Discharging any outstanding liabilities and debts of the Estate; and
- Distributing the Estate in accordance with the terms of the Deceased’s Will.
Distribution of the Estate
The Executor is strongly encouraged to defer distributing the Estate for a period of six months from the date the Grant of Probate is issued, as eligible claimants may lodge a Testator’s Family Maintenance Claim during this period seeking provision, or further provision, from the Estate.
Executor’s Duties
The Executor has, what is known as a fiduciary duty, which means that they must always act:
- Honestly and in good faith;
- Impartially between beneficiaries; and
- In the best interests of the Estate.
It is also essential to maintain clear records, communicate regularly with beneficiaries, and avoid any conflicts of interest.
How we can help
Acting as an Executor can be daunting, especially in circumstances where the Estate is large, complex and involves family conflict.
At iWills Legal, we are here to help, from assisting with matters prior to applying for a Grant of Probate, to managing assets and distributing the Estate once a Grant of Probate has been obtained, we are here to guide you through every step with clarity and care.
