Being named as an executor of a will qld of a will is a responsibility that should be considered carefully by both the testator and proposed executor. The role carries significant duties and liability including administering the estate as wished by the deceased, acting in good faith and with honesty and preserving estate assets. Beneficiaries of the estate do not have to agree with decisions made by an executor but should be informed and given the opportunity to seek legal advice.
When a person dies they must be legally declared dead and the executors of their estate must take steps to gather, maintain and administer the deceased’s assets according to the law of succession (the Succession Act 1981 (Qld)). The duties of an executor include obtaining a copy of the death certificate, making funeral arrangements, applying for a grant of probate or letters of administration, paying any debts and taxes from the estate, preparing statements for beneficiaries, establishing trusts where there are specific instructions in the Will and distributing cash or assets to beneficiaries.
Understanding the Role of an Executor in Queensland: Responsibilities and Duties Explained
During the course of the estate, executors may incur expenses which can be claimed as part of their commission. In deciding the amount of commission to be paid the Supreme Court has a broad discretion to consider a variety of factors such as the complexity of the estate and the time taken to administer it. An executor should apply to the Supreme Court for a commission with an affidavit setting out a number of requirements including the amount sought and justifying the need for the payment.