The executors/trustees are responsible for:
✅ Applying for Grant of Probate (a Court Order allowing the Will to be administered);
✅ Notifying the beneficiaries of their entitlements;
✅ Gathering and distributing the assets in accordance with the Will;
✅ Ensuring that the testator's debts, taxes and funeral expenses are paid;
✅ Managing any assets that are held on trust for beneficiaries pursuant to the Will until those trusts vest; and
✅ Preparing the related accounts and tax returns.
An executor/trustee may be:
⚖️ An individual over 18 years of age;
⚖️ An appropriately licensed trustee company; or
⚖️ The Public Trustee.
It is not uncommon for a testator to appoint a trusted professional advisor to the role:
⚖️ A Solicitor, Accountant and/or Financial Planner.
This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.
This FAQ is intended for general interest + information only.
It is not legal advice, nor should it be relied upon or used as such.
We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.