7 Key Responsibilities of an Executor: What Does an Executor Do?

When it comes to the administration of an individual's estate after their passing, the role of an executor is pivotal. But what exactly does the position entail? Let's delve into what can be considered the seven key responsibilities of an executor to understand the breadth and significance of their duties in the administration of an estate.

1. Locating and Reviewing the Will

The foremost responsibility of an executor is to first locate the deceased's Will, ensure it's validity and then execute the wishes as outlined in it.

2. Identify Estate Assets

Identifying, collecting, and protecting the deceased’s assets and determining their value falls under the executor's responsibilities. This step is vital for accurately assessing the estate’s worth and facilitating the distribution of assets as per the will and may involve tasks such as notifying banks, selling property, and collecting debts.

3. Probate Application

Applying to the Supreme Court for a Grant of Probate, if necessary, validates the will and authorises the executor to administer the estate. 

4. Communicating with Beneficiaries and Other Stakeholders

Executors owe a fiduciary duty to act impartially and in the best interests of beneficiaries as well as in the best interests of the estate. Proper communication with beneficiaries and other stakeholders, keeping them informed about the progress of the estate administration is therefore vital and should occur throughout the administration of the estate

5. Financial Responsibilities

Executors are tasked with settling any outstanding debts and managing the financial affairs of the estate. This includes paying off creditors, managing ongoing expenses, and ensuring that financial matters are handled in accordance with legal requirements.

6. Legal Compliance and Reporting

Throughout the estate administration process, executors must adhere to legal requirements . This includes maintaining accurate records of all transactions related to the estate and providing these accounts to the Supreme Court or beneficiaries, if required, as well as lodging any necessary tax returns for the deceased and the estate.

7. Distribution of Assets

Once debts and expenses have been settled, the executor oversees the distribution of assets as outlined in the will.

The role of an executor is multi-faceted and requires a combination of organisational skills, legal knowledge, and attention to detail. By shouldering the responsibilities outlined above, executors play a crucial role in ensuring that the final wishes of the deceased are honoured and that the estate is administered efficiently and in compliance with legal obligations.

Whether you are in the process of creating your will or have been appointed as an executor, understanding the duties and responsibilities associated with this role is essential in navigating the complexities of estate planning and administration.

Seeking legal advice ensures that you are informed, supported and can fulfill your duties.

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