What is an executor of a will?

An executor is the person (or company( nominated by a testator (will owner) to manage their estate after death.

What are the Executor of a will duties?

Is being an Executor of a will difficult?

Yes, very hard from an administrative and emotional perspective that takes years to complete as you deal with grief and often conflict with and between beneficiaries.

What are the executor of a will duties?

Key duties of an executor of a will are;

Locate the will
Lodge probate
Identifying and protecting all the assets, paying debts, finding and notifying all beneficiaries
Closing all the testator's accounts including banks, insurance, phone, energy, internet, subscriptions, social media, online accounts like email
Distribute all assets to beneficiaries as required in the will and defend decisions if the will is contested.

How long will it take to complete my duties as an executor of a will?

Expect it to take at least a year of difficult and frustrating administration including communication with often upset family and beneficiaries. Making it harder is you will be experiencing significant grief at this time.

Can a beneficiary be an Executor of a will?

Yes a beneficiary can be the Executor of a will.

When will I know I am the Executor of a will?

If you are the executor the best time to be informed of this role is when the will is being drafted. This way you can have conversations with the person about assets, beneficiaries, debts and accounts. If you do not know before the person (WORD) is deceased, if they have a will with a lawyer the lawyer will notify you that you are the executor.

Do I get paid as the Executor of a will?

As an executor you can file expenses which are taken from the asset pool. Many executors do not pay themselves expenses as this can upset other beneficiaries who wish to maximise the amount they receive.

Can I hire someone to act as an Executor of the will?

Yes you can, you can use a lawyer or even a Public Trustee (from your state government) but they will charge you a percentage of the estate asset value, generally a minimum of 5%. So if you have one property in the estate with $1 million they will charge a minimum of $50,000 like this example of Public Trustee costs.

What's the best advice for Executors of a will?

Be prepared before death of the Testator, know you are the executor before the loved one is deceased. Have conversations about assets, storage locations, beneficiaries and wishes before the person passes away.

What are the hardest things about being an Executor of a will?

Grief over the death of a loved one
Gathering all the assets and accounts of the deceased. Think of having to transfer or close everything in your life, your home, your loans, your assets, your accounts like phone bills, your online presence, your subscriptions, your taxes. There is a huge amount of things to find then transfer or close, here is an example but not complete list from the Queensland Government
Managing the expectations of beneficiaries and being the person they speak with when they are unhappy about what they are left of an estate
Contacting all the companies the decreased had accounts with and providing proof of death over and over again, each time bringing up the grief of loss
Doing all of this with your regular life or work and family. Most executors do their job unpaid, late at night for months or years taking a huge toll on their mental and physical health