Duties of executors
What are the duties of an executor?
The executor must:
- Notify all beneficiaries named in the will.
- Manage the property or goods left in the will to:
- take care of any business interests
- safeguard any income
- invest money not needed immediately
- collect any valuables
- insure all property.
- Value the estate and keep a list of the valuations. The estate includes all:
- business interests
- personal effects
- real estate
- sale of property
- debts due
- debts owing.
- Complete income tax returns and get a clearance from the Australian Tax Office.
- Obtain authority to administer the estate:
- Apply for a grant of probate or letters of administration if necessary.
- Pay all debts owing, including selling assets, if necessary, to pay any liabilities.
- Establish trusts.
- Divide the estate:
- Prepare statements for each of the beneficiaries.
- Distribute cash and or assets to beneficiaries according to the provisions in the will.
If the deceased had bank accounts, shares, real estate or other such assets in their name or owned real estate as a 'tenant in common' with someone else, you may need to apply for a grant of probate in order to finalise the estate.
If you are not sure of your responsibilities, you should get legal advice.
Is there a set time for an executor to finish their duties?
An executor must act with great care. Within a year is generally seen as a reasonable time to finish things up in.
What if I am named as an executor and don’t want to do it?
If you are named in the will and do not want to act, you do not have to accept the responsibility.
If you refuse to act as executor:
- Another executor named in the will can take on all the duties. If no other executor is named, you can apply to the court to appoint an administrator.
- You cannot change your mind later.
Can I get paid as an executor?
Sometimes the deceased sets out how much the executor should be paid. If this is not included in the will, the executor does not get paid. The executor may use money from the estate to cover necessary expenses such as getting professional advice from accountants and valuers.
Executing a will can be complicated. It may be a good idea to get advice from a lawyer. The deceased's estate will cover reasonable fees charged for legal advice.
Legal Aid WA does not give advice about inheritance matters, including probate and letters of administration.
You may be able to get pay someone to help you apply for probate by contacting:
Alternatively, the executor can ask the Public Trustee for help to administer the estate (or even step in as executor).
Supreme Court of WA
Citizens Advice Bureau
Reviewed: 11 April 2018