Have you been named as an executor of a will and confused as to what you have to do? Here is an Executor Checklist for Queensland so you can tick off these duties to ensure you have adequately fulfilled your role in administering the estate.
An executor may complete all the relevant tasks on their own or with the assistance of a solicitor, especially in relation to obtaining a grant of probate. If you need assistance with your executors duties, feel free to give us a call on 07 3073 2405.
What is an executor?
If you have been named as an executor of a estate in Qld, it means that the deceased held you in high regard as he or she trusted you to fulfil their wishes and administer their estate after they have passed away.
The duties and what is required of an executor is covered by the Succession Act 1981. However, we will briefly discuss the main duties of an executor below which you can use as a checklist.
Executor of will duties
When you are named as an executor of a deceased estate, you have a duty to carry out the wishes of the deceased in accordance with his or her will.
If you are named both as an executor of the estate and also as a beneficiary or if you have some other interest in the estate, you must still act fairly and in the interest of all beneficiaries of the estate. If you do not do this, you have a risk of being removed as the executor.
If you are jointly named as an executor of an estate, you must agree collectively on the best course of action to take in order to administer the estate.
Here are some of the common duties of the executor of a will:
- Obtaining probate from the Supreme Court of Queensland. If you are wondering what probate is, you can check out our page on what is probate and how long does it take?
- Notifying beneficiaries of the will that they are named as beneficiaries and providing them with a copy of the will;
- Keeping in regular communication with the beneficiaries of the estate about the progress of the administration;
- Making a list of assets and liabilities in the estate;
- Protecting and checking the assets of the estate;
- Arranging a funeral for the deceased if one has not been prepaid;
- Maintaining assets of the estate so they do not fall into disrepair. For example, doing reasonable maintenance on the home;
- Ensuring all insurances of the estate are paid;
- Ensuring debts and liabilities of the estate are paid;
- Preparing tax returns for the estate;
- Preparing financial statements;
- Transferring or selling assets of the estate.
It is important that you keep records of how you have managed the estate including financial records and invoices that you have paid. This will prevent conflict from later arising and prevent any claims against you as an executor.
Will I be paid for carrying out these duties? Executors Commission Explained
If all of the above sounds like a lot, it’s because sometimes it can be. Unless the will has appointed a professional to act as the executor in Qld, individuals don’t get paid per se to be the executor.
However, there is what is known as an executors commission in Qld which can be ordered to be paid by the Court or with the agreement of the beneficiaries. The amount of commission an executor is entitled to depends, among other thing, on how much work was required to administer the estate.
If you are interested in claiming an executor’s commission, we have provided more advice in our full article on executor’s commission including how much you can expect to claim.
Can I remove myself as the executor of the estate?
If you don’t want to be the executor of the estate, you are able to renounce your role. It is important to carefully consider and seek legal advice if you wish to renounce your role as executor of an estate. If you are thinking you might like to do this, give us a call on 07 3073 2405 to discuss further.
Often in a will multiple or alternative executors named in the event that one is unable or unwilling to act and therefore removing yourself as an executor is not a big problem. If this is not the case, there are other possibilities like using a lawyer or other professional body to act for you under instruction.
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If you need more help with your role as an executor of an estate or your responsibilities, we are here to help! Call us on 07 3073 2405 for a complimentary consultation with a solicitor.
