So you’ve finally decided it’s time to update your will. Now you’re trying to work out who should be executor.
How do you choose someone for such an important role? Most people, when asked, will accept the role of executor without truly understanding the commitment they’re making. And in some cases, an executor may be nominated without being notified at all. That person will then find themselves in a position of responsibility after the death of the will maker. All of this at such an emotional time can prove challenging.
What does it mean to be an executor? -
A will is a legal document created as a record of a person’s last wishes. It also nominates who is to see these through after the death of the will maker. This responsibility can be given to a person or organisation, known as the executor of the will.
Many Victorians choose to store their will safely and securely in the Victorian Will Bank. The service is free.
Who can be an executor and how is someone selected? -
When choosing an executor, a will maker must consider who will be best able to take on the responsibility. An executor can be one or more individuals (co-executors) or an organisation such as a firm of solicitors or trustee company.
In many situations where the executor(s) is not an organisation, they will be a beneficiary of the estate.
The full administration of a deceased estate can take up to a year. An executor must be able to visit the Supreme Court to lodge an application for probate, and meet interested parties of the estate.
What are the executor’s obligations? -
Simply put, the executor is responsible for managing and protecting assets of the estate until they are distributed to the beneficiaries.
State Trustees’ executor checklist (free to download) provides an in-depth list of the tasks an executor must carry out.
Responsibilities and getting probate -
Once the will maker has died, the executor has the responsibility to begin managing the estate, including arranging the funeral and applying to the court for a grant of probate. Immediate responsibilities include:
- Arranging the funeral
- Requesting and obtaining the death certificate
- Finding the original copy of the will
- Beginning to protect assets – such as changing locks on property, organising appropriate levels of insurance and photographing expensive assets
- Once these tasks have been tended to, the executor needs to begin the formal process of preparing for and applying for probate.
Renouncing the role of executor -
If you have been nominated as executor but feel the task will be too time-consuming or that you lack the skills, you can renounce the role (before applying for probate, or by order of the court) or appoint a trustee company to act instead.
Appointing a trustee company, such as State Trustees, is a straightforward exercise.
- State Trustees, 9667-6444 or outside Melbourne 1300-138-672, statetrustees.com.au