Your duties and responsibilities when appointed executor of a Will are as follows:

  1. Ascertain the whereabouts of the deceased’s last Will i.e. ensure that you are acting upon the deceased’s latest Will and not a Will which has been superseded.
  2. Identify the assets and liabilities of the deceased at the date of death and those which accumulate after death.
  3. Advise the surviving proprietor of any jointly held assets to prepare and lodge the appropriate documents to register them as the surviving proprietor.
  4. Apply for a grant of Probate if it is required to deal with the deceased’s assets.
  5. Collect or otherwise deal with the assets of the estate in a timely manner. Ensure that the assets are covered by insurance where appropriate eg. Real estate and motor vehicles.
  6. Pay the debts of the estate and retain sufficient funds to cover any further debts of the estate which are reasonably foreseeable e.g. Taxation and investing funds to earn income, if appropriate.
  7. Carry out the terms of the deceased’s Will, paying or giving specific gifts or legacies and distributing the residue of the estate to the beneficiaries in accordance with the Will.
  8. Keep full and clear accounts of all funds received and paid out on behalf of the estate. Maintain records of all decisions made by you and the basis of those decisions.
  9. Arrange for preparation and lodgement of income tax returns and BAS returns, if required, and for payment of any tax due.
  10. In all things you do for the estate you must act honestly and diligently and always in the best interests of the estate. You must avoid acting where there is a conflict between your personal interests and those of the estate or the beneficiaries, unless the Will waives the conflict of interest rule.

The following further responsibilities may be applicable depending upon the particular circumstances which apply:

  1. Invest the assets if the distribution of the estate is delayed.
  2. Employ specialists where necessary eg. Accountants, solicitors, barristers.
  3. Advertise a Notice to Creditors if it is likely that the deceased may have had outstanding debts that you are unaware of.
  4. Where a beneficiary has not reached the specified age (18, 21 or 25 in some cases) you may need to arrange for the investment of their entitlement from the estate or make payment to their legal guardian to hold the funds in trust on their behalf.
  5. Represent the estate in any legal proceedings that may arise from a claim brought by a third party who is disappointed.