When someone dies in Australia, their will names an executor – a trusted person responsible for carrying out their final wishes and managing the estate. While it’s considered an honour to be asked, being an executor is also a serious responsibility.
When you’re choosing someone to take on this role, it’s important to understand what it involves and the considerations that come with it.
What is the Role of an Executor?
At a high level, an executor is legally responsible for administering the deceased person’s estate. This includes:
- Locating the will and applying for probate
- Identifying assets and liabilities including bank accounts, property, superannuation, debts, bills and subscriptions
- Paying off outstanding debts from the estate
- Distributing assets to beneficiaries according to the will
- Finalising tax matters, including lodging the final tax return
- Managing ongoing admin like notifying government departments, closing digital accounts and cancelling recurring payments
Depending on the complexity of the estate, the process can take hundreds of hours over many months – sometimes more than a year.
What to Know Before Accepting the Role of Executor
If someone has asked you to be their executor – or you’re named as one in a will – here are a few things to be aware of:
- It’s a Legal Responsibility
Once you accept the role, you are legally bound to act in the best interests of the estate and its beneficiaries. Mistakes can have serious consequences, including personal liability.
- It Can Be Time-Consuming
Some estimates suggest it can take up to 400 hours to locate, sort and action everything required to administer an estate, especially if the person didn’t leave detailed instructions.
- There May Be Costs Involved
You may need to pay upfront for things like legal fees or property maintenance (usually reimbursed from the estate later). In some cases, executors can claim reasonable compensation for their time, though this depends on state laws and what’s outlined in the will.
- Support is Available
You don’t have to do it alone. Many people engage a solicitor to help with the probate process and the legal steps involved. Services like BillWill also help by providing a clear, comprehensive Letter of Wishes with the practical, financial and personal details executors need but are often not included in a will.
What a Will Doesn’t Cover – and Why It Matters
A will outlines who gets what, but it usually doesn’t cover how to find things. Executors are often left searching for:
- Guidance on how to look after dependents
- Instructions on how to look after pets
- Contact details for important people and organisations
- Personal wishes around funeral arrangements or sentimental belongings
- Login details for bank, email or superannuation accounts
- List of important possessions, assets and liabilities
- A list of bills and subscriptions to cancel
- Digital assets like social media or cloud storage
- Who to notify (friends, colleagues, organisations)
That’s where a Letter of Wishes can help. It’s a service that will make the job of being an executor dramatically easier. At BillWill, we make it simple for anyone to create a personalised, digital and comprehensive set of instructions, so you’re not left piecing things together after the loss of a loved one.
Final Word
Being an executor is a generous act of service but it’s also a role that carries real responsibility. If you’ve been asked to be an executor, make sure you know what’s involved. Getting prepared and having the right tools in place can make all the difference.
Check out our simple Guide – which you can download and share for free
DISCLAIMER: The information on this website is for general information only. It should not be taken as constituting professional advice. BillWill is not a financial adviser or legal professional. You should consider seeking independent legal financial or other advice to check how the website information relates to your unique circumstances. BillWill is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.