Estate Management

What is an executor?

Executorship Services

One of the critical decisions when making a will is to choose an executor very carefully. The executor is the person or trustee organisation responsible for managing the entire administration of the estate in accordance with both the will and the law, until the final distribution of assets is made to the beneficiaries. This process requires considerable expertise and can be complex. The executor must also maintain the estate assets while the estate is being administered. On average, this process could be for a period of 6 to 12 months.

Being an executor

Being an executor is a demanding job, requiring a good understanding of legal, taxation, accounting and business practices. Some people appoint a relative or close friend as executor. This may be awkward, difficult and time-consuming for the person appointed, particularly during this time of grief. The person, as executor, may be financially liable for any mistakes in his or her administration. By appointing the Public Trustee a person making a will can remove this burden from family and friends and feel confident that the estate will be administered according to the provisions of the will in a competent, impartial and sympathetic manner.

 

For Further Information email Public_Trustee.DOJ@nt.gov.au