Estate Administration: Key Terms Explained
Testator, also known as the will maker, is the person who has made a Will. Executor is the person named…
The Executor's Role
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What is the role of an executor?
An Executor is the individual tasked with managing the affairs of a deceased person’s estate.
After locating the will, the Executor must seek probate from the Supreme Court of Queensland to commence the process of estate administration.
The Executor typically has the following duties:
- locating the Will and preparing the funeral;
- applying for probate, where required;
- collecting the estate assets and creating an inventory;
- preserving any assets;
- settling any debts;
- overseeing the deceased’s affairs; and
- distributing the assets.
If any legal disputes occur during probate, the Executor is also in charge of protecting the estate. Unsure how to proceed? Contact our Wills & Estate Lawyers in Townsville to help take the worry out of administration.
How our Lawyers can help
The prospect of handling legal documents and managing an estate can be overwhelming, particularly when grieving. Our lawyers can help you as little or as much as you need, saving you both money and time.
In addition, we can handle the stress associated with administering the deceased estate. This includes applying for probate, funeral arrangements, communicating the wishes to family members through to the safe storage of assets and their distribution.
For an obligation free quote, please speak to one of our wills and estates lawyers today.
Frequently Asked Questions
Typically, when someone dies their bank accounts become part of their Estate. An Executor will have access to the funds to make payments or reimbursements directly on behalf of the Estate. Banks will request a Grant of Probate or Letters of Administration to release the funds within the Estate.
This is dependent on the bank and also the complexities of the deceased’s Estate. In most circumstances, the funds are released to beneficiaries within 10 business days.
The Succession Act 1981 is the legislation that dictates how the estates are distributed in Queensland. The Act identifies that the estate is distributed to the closest relatives of the deceased. This is usually their spouse and children.
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