Duties of an Executor

If you are appointed the executor of an Estate, it is crucial that you obtain legal advice in order to carry out your responsibilities efficiently and within the law. If you are appointed the executor of an Estate, there are many executors’ responsibilities that you must follow.

The role of an executor in the administration of an estate carries with it serious responsibilities and the person or organisation appointed is responsible for ensuring that all assets are accounted for, all debts are paid, and that the beneficiaries receive their inheritance in accordance with the terms of the Will.

Below is a list of some main responsibilities you now have as an executor of a Will.

Applying for Probate Grant
Before you can officially act as executor of a Will you first need to apply for a grant of Probate from the court. Probate sounds like another confusing legal term. Technically, probate is permission from the court that a Will is valid and that an executor can begin the process of administering the estate in line with the Will instructions.

Preserve the Assets of the Estate
The executor needs to properly preserve and maintain the assets found until they can distribute them.
This means that the executor has to:
• Secure and insure any real estate or other property that belongs to the deceased person. The executor needs to do this until the property is sold or ready for the executor to distribute.
• Make sure that any cash remaining in the deceased person's bank accounts is accruing interest.

Payment of Debts
The real and personal estate of a deceased person shall be assets in the hands of the executor for the payment of all duties and fees and for the payment of the deceased person’s debts.
An executor may sell or mortgage any real estate that comes into their hands without a power of sale and convey the same to a purchaser or mortgagee in as full and effectual a manner in law as the deceased person could have done.
One of several executors acting alone lacks power to sell the deceased person’s real estate, without the leave of the Court.

Distribution
Distribution may be made when the assets have been called in and all the debts paid.
The executor will then hold the net distributable estate subject, perhaps, to outstanding administration expenses and commission, for the beneficiaries named in the Will or, in the case of the administrator of an intestate estate, for those entitled to take on an intestacy.

If you would like to find out more about your duties as an executor or to find out more about your rights and options, you can email us at info@straitslawyers.com or call at 08 8410 9069.

Alternatively, if you would like to prepare a Will, Straits Lawyers are now offering an online package for Advance Care Directives and Wills. Simply purchase our package via this link: https://straits-lawyers.square.site/product/will-and-advance-care-directive-package-/13

Please note that this article does not constitute legal advice.