The Executor of a Will or Estate
If you are the executor of a will or estate and legal advice call Lawyers Qld now Brisbane and Regional Qld 0730365233 or Gold Coast 0756770533.
What does the executor do? The Executor or Administrator of a deceased estate is the person that is responsible for administering the deceased estate in the best interests of the beneficiaries. Their role is like that of a trustee or a guardian. The Executor "steps in to the shoes" of the person that has passed away and winds up all of their personal affairs.
The deceased estate may include assets like the family home, investment properties, cars, boats, insurance claims, shares, stocks and debentures, or cash including cash in bank accounts.
In many straightforward matters we may be able to totally avoid applying to the Courts for Probate. This means that the estate can be dealt with quickly and cost effectively with a minimum of stress.
Sometimes it is necessary to apply to the Supreme Court of Queensland for a grant of probate before the proceeds of the deceased estate can be distributed by the Executor. That being said, if the Executor obtains legal advice, it may be that some assets like, property, cars or cash held in joint names can be treated differently and not caught up in the Court processes.
We are experienced litigators, so in the more complex matters where the Executor of the will needs to seek the involvement of the Courts we are up for the challenge of protecting the Executor from personal liability and ensuring that a fair outcome is achieved.
If it is necessary for the matter to proceed to the Courts to resolve a dispute related to the estate, (in Queensland) the costs associated with the involvement of Solicitors and other professionals are usually paid from the estate. The same is the case where it is necessary to apply to the Queensland Supreme Court for a grant of Probate if the will is uncontested.
There can be up to four Executors for an estate. Sometimes the more executors there are, the more complicated the task becomes. Whether there is one Executor or four Executors, professional local Queensland legal advice will make dealing with your responsibilities as an Executor immeasurably easier and promote better communication and understanding for all involved.
Legal Responsibilities of an Executor In Queensland
The Executor of the Queensland Will needs to locate a copy of the will.
The Executor arranges the funeral in accordance with the wishes expressed by the deceased in the will.
The Executor obtains the death certificate.
Short Term Responsibilities of the Executor
The Executor must inform Centerlink and other Government Bodies, such as the Australian Taxation Office.
The Executor must inform investment bodies like banks and share registries of the death
The Executor must apply for probate if necessary.
Medium Term Responsibilities of the Executor
The Executor must identify all beneficiaries.
The Executor must locate all of the assets of the estate and have the value assessed.
The Executor must ensure that all assets continue to be insured and maintained.
The Executor must pay debts, income tax and funeral expenses from the proceeds of the estate.
Overall responsibilities of the Executor
The executor must deal with any disputes arising from the interpretation of the will.
The Executor must sell assets or transfer them to the beneficiaries.
The Executor must pay stamp duty.
The Executor must distribute any surplus finds to the beneficiaries.
Experience and understanding Matter
Our principal Karen Schwede has 27 years experience as a Solicitor. She has the maturity and life experiences to understand all of the emotions and pressures involved in being an Executor.
Call us now Brisbane and Regional Qld 0730365233 or Gold Coast 0756770533.