What is the role of the Executors / Trustees?

What is the role of the Executors/Trustees?

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.

Who can be an executor/trustee?

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.

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

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.