What Does an Executor Do? A Guide for Executors in Queensland

An executor manages the estate of a deceased person, ensuring that their wishes are carried out according to the law. If you’ve been named as an executor or are considering appointing one, it’s essential to understand the responsibilities involved. This guide covers the duties of an executor in Queensland, the time commitment required, eligibility requirements, and tips for choosing the right executor.

Duties of an Executor in Queensland

As an executor, you must manage and distribute the deceased person’s estate in line with their wishes and Queensland law. Here’s what you’ll do:

1. Locate and Review the Will
   You will need to find the most recent will and review it to understand the deceased’s instructions.
2. Apply for Probate
   You’ll apply to the Supreme Court of Queensland for a Grant of Probate, which legally validates the will and gives you the authority to manage the estate.
3. Identify and Secure Assets
   You’ll identify all assets, such as property, bank accounts, and investments, and secure them until distribution.
4. Notify Relevant Authorities and Parties
   You’ll inform banks, government agencies (like Centrelink and the ATO), and other relevant institutions of the death.
5. Determine and Pay Debts and Liabilities
   You’ll identify any debts the deceased owed and arrange to pay them from the estate’s assets.
6. Manage and Maintain Estate Property
   You’ll ensure that any property in the estate is maintained, insured, and managed until it can be sold or transferred.
7. Prepare and Lodge Tax Returns
   You’ll prepare and lodge the final tax return for the deceased, as well as any returns needed for the estate.
8. Distribute the Estate to Beneficiaries
   Once you’ve paid all debts and taxes, you’ll distribute the remaining assets to the beneficiaries as specified in the will.
9. Keep Detailed Records
   You’ll maintain accurate records of all transactions, communications, and decisions made during the estate administration.
10. Handle Disputes
    You’ll manage and resolve any disputes that may arise among beneficiaries or other parties.
11. Finalise the Estate
    You’ll complete all legal and administrative tasks to close the estate once everything has been distributed.
12. Report to Beneficiaries
    You’ll provide beneficiaries with a final report detailing how the estate was managed, including asset distribution.

Eligibility Requirements for an Executor in Queensland

Not everyone qualifies to serve as an executor in Queensland. Here’s what you need to know:

1. Age Requirement
   You must be at least 18 years old to have the legal capacity to manage the estate.
2. Mental Capacity
   You must be of sound mind and capable of making rational decisions.
3. Residency
   While you don’t have to live in Queensland or Australia, it’s more practical if you do, as it can simplify estate administration.
4. Criminal History
   Although there’s no strict legal requirement, having a clean record is advisable, especially when interacting with financial institutions and government bodies.
5. Beneficiaries as Executors
   You can be both a beneficiary and an executor, but you must handle the responsibilities impartially.
6. Professional Executors
   If the estate is complex, you might choose a professional executor, like a solicitor or trustee company. Professional executors typically charge a fee for their services.
7. Multiple Executors
   You can appoint more than one executor to share responsibilities. However, it’s essential to ensure that co-executors can work well together.
8. Alternate Executors
   It’s wise to name an alternate executor in your will to take over if the primary executor can’t serve.

Time Involved in Being an Executor

Being an executor requires a significant time commitment, which can range from several months to several years, depending on the estate’s complexity:

• Initial Responsibilities: In the first few weeks, you’ll locate the will, notify relevant parties, and apply for probate, which can take several weeks to a few months.
• Ongoing Duties: Managing assets, paying debts, and maintaining property can take several months. This stage may take longer if there are disputes or complex assets.
• Final Distribution and Closing the Estate: After settling debts and taxes, you’ll distribute assets to beneficiaries and close the estate. This can be time-consuming, especially if legal disputes or complex assets are involved.

Managing a straightforward estate may take six months to a year, but more complex estates can take several years. You should be prepared for this time commitment and consider seeking professional help if needed.

Choosing an Executor for Your Will

Selecting the right executor is crucial for ensuring your final wishes are carried out. Here’s what you should consider:

• Trustworthiness and Integrity: Choose someone you trust completely, as they will have access to your assets.
• Organisational Skills: The executor should be detail-oriented and capable of managing various tasks.
• Willingness and Ability: Ensure the person you choose is willing and able to take on the role.
• Location: It’s helpful if your executor lives nearby, making it easier to manage the estate.
• Age and Health: Consider someone younger or in good health to ensure they can complete the process.
• Knowledge of Your Wishes: Choose someone who understands your values and intentions.
• Professional vs. Personal Executor: Decide whether to choose a trusted person or a professional executor like a solicitor or trustee company.
• Backup Executor: Name an alternate executor in case your first choice can’t serve.

Conclusion

Executor’s handle significant legal responsibilities, from managing and distributing assets to handling disputes and finalising the estate. If you’re writing your will, carefully consider who you appoint as your executor to ensure your wishes are carried out as intended. For those named as executors, understanding your duties and the time involved will help you fulfill the role effectively. If you’re unsure about any aspect of being an executor, seek legal advice to guide you through the process. This is general guidance only and not legal advice, legal advice should be obtained from our office before relying on anything contained in this document.