Estate Executor’s Guide – [Part 1] Getting Started

Decision making

• Most wills provide executors with broad discretion in estate administration. While you may consult beneficiaries, you are not bound by their requests. Your decisions must reflect the estate’s best interests, considering both immediate and long-term financial needs.
• Avoid conflicts of interest between your own affairs and the beneficiaries’ interests. Before making major financial decisions, consider potential tax implications and stamp duty costs.

Investing

• If the estate holds investments, review them periodically (at least annually) to ensure they remain suitable. You must exercise the care, diligence, and skill expected of a prudent person in your position.
• Follow all relevant legislative and common law obligations. Retaining current investments may be appropriate, but always assess their ongoing suitability.
• If you seek financial advice, ensure the advisor holds an appropriate Australian Financial Services (AFS) licence or is an authorised representative. Accountants or solicitors need proper licensing or authority to advise on investing.
• You could be held liable for losses if you conceal information, misrepresent facts, or act negligently or unlawfully. Protect yourself by following professional advice from qualified experts.
• Verify the financial advisor’s licence and authority. A licence does not guarantee sound advice, but professional indemnity insurance and a transparent fee structure (no commissions) can indicate higher reliability.
• Advisors who charge a set fee for research, planning, and ongoing monitoring—without receiving commissions—are generally considered more transparent.

Original will

• Locate the original will and ensure it is stored securely (e.g., in a solicitor’s safe custody facility). Check for any letters of direction or explanatory documents lodged with the will.

Funeral arrangements

• Review the will for instructions on burial or cremation and any requests regarding the funeral or memorial service. Work with family members to schedule and organise the event in accordance with these wishes.

Funeral director

• In consultation with family, appoint a funeral director to carry out the chosen arrangements. Most banks will release sufficient funds from the deceased’s account for funeral expenses, or the funeral director may wait for estate funds to settle their bill.

Capacity

• If there’s any doubt about the will-maker’s mental capacity when the will was made, consider obtaining a statement from their medical practitioner confirming capacity at that time.

Execution

• Check that the will was signed correctly, typically requiring two independent witnesses present with the testator. Verify that no witness who signed as a witness is also benefiting under the will, as this can affect their entitlement.

Probate

• Determine whether applying for Probate (formal court approval of the will) is necessary. Later sections will explain the Probate process and related court procedures if required.

Family provision

• Consider if any family members (e.g., children or stepchildren) have been excluded from the will. They may have grounds to apply for a greater share via a family provision application.

Inventory

• Compile an inventory of all estate assets and liabilities. This helps determine what steps are needed to collect, secure, and preserve assets, and whether Probate is likely to be required.

Copy of will

• Provide copies of the will to all named beneficiaries. Under certain circumstances, a beneficiary under a former will, the deceased’s spouse, children, stepchildren, parents, or even former spouses or relatives may be entitled to request a copy.

Insurance

• Confirm that all valuable assets (homes, boats, cars, etc.) have current and adequate insurance coverage.

Security

• Ensure items of monetary or sentimental value (jewellery, artworks, collectibles) are stored safely and securely.

Consider appointment

• You are not obligated to accept the role of executor. If you choose to decline, do so promptly and before any application for Probate is lodged.

Obtain Death Certificate

• The funeral director usually arranges this. Otherwise, apply online with the appropriate births, deaths, and marriages registry, paying the required fee, in the state where the deceased passed away.

Appoint a Solicitor

• For estates requiring Probate, or those with multiple assets like real estate or investments, consider engaging a solicitor. A solicitor can handle some or all of the administration tasks, as preferred.

Housekeeping

• Attend to routine matters: redirect mail, cancel the driver’s licence, notify Centrelink (if applicable), claim medical refunds from Medicare and/or private health funds, and cancel health insurance if no longer needed.