What to do as an Executor and When…
Navigating the aftermath of a loved one's passing is an emotionally taxing journey, compounded by the administrative responsibilities that fall to the executor of the estate. The role of an executor is pivotal, involving careful management of the deceased's assets, fulfilling their last wishes, and ensuring the estate is administered according to the will. To assist executors in South Australia through this challenging time, we've compiled a comprehensive checklist. This guide aims to provide clarity and support, simplifying the complex process of estate administration.
Immediately After the Death
Review Funeral Intentions: Begin by consulting the Will for any funeral or burial instructions. This may include pre-arranged or pre-paid funeral plans, or funeral insurance policies. It's also important to check for organ or body donation wishes, notifying relevant registries if necessary to honour the deceased's intentions.
Secure Assets: Quickly secure the deceased's property, including changing locks if necessary, and ensuring valuables are safely stored. This step is crucial to prevent theft or damage to estate assets.
Arrange Yard Care: If the deceased owned property, organise maintenance to keep the premises in good condition. This is important both for the estate's value and to prevent any issues with local authorities or homeowners' associations.
Locate Important Documents: Search for the original Will, as it contains critical instructions for the funeral and the administration of the estate. Avoid attaching anything to the document to prevent potential legal complications.
Contact Loved Ones: Inform family members and close friends of the passing. It's important to provide support to each other during this difficult time and to discuss any immediate steps regarding funeral arrangements.
Make Arrangements for Pets: Ensure the care of the deceased's pets, making temporary or long-term arrangements as needed. The well-being of these animals is often a concern for the deceased, and as executor, you may need to find them a new home or care solution.
Engage a Funeral Director: If a funeral plan is in place, contact the specified provider. Otherwise, select a funeral director in consultation with the family to plan a service that honours the deceased's life and wishes.
Organise the Funeral: Arrange the funeral according to the deceased's instructions or, if not specified, based on what you believe they would have wanted. Remember, the estate can cover funeral expenses, which can be reimbursed if paid out of pocket initially.
After the Funeral
Obtain the Death Certificate: This legal document is necessary for many of the following steps, including transferring or closing accounts and applying for probate. It usually takes a few weeks to be issued.
Identify and Protect Assets: Compile a list of assets and liabilities. Secure the property and valuables against damage or theft, ensuring everything is accounted for in the estate.
Notify Relevant Organisations: Contact banks, insurance companies, and government agencies to inform them of the death. This step will help halt any ongoing charges or subscriptions under the deceased's name.
Identify Direct Debits: Review bank statements for recurring payments. Cancel any non-essential subscriptions or memberships to prevent further charges to the estate.
Cancel Subscriptions and Memberships: Beyond financial obligations, ensure all non-essential services and subscriptions are cancelled. This includes magazines, online services, and club memberships.
Arrange for Mail Redirection: Redirect the deceased's mail to manage any final affairs and to prevent sensitive information from being lost or falling into the wrong hands.
Finalise Tax Affairs: Address any outstanding tax issues, including filing the final personal income tax return for the deceased and managing taxes for the estate.
Consult a Solicitor: Given the complexities involved in estate administration, seeking legal advice can be invaluable. A solicitor can guide you through the process of applying for probate and fulfilling your duties as executor.
After a Grant of Probate Has Been Made
Apply for Probate: This legal step formalises your authority to manage the estate. It involves validating the Will and is necessary for transferring ownership or accessing certain assets.
Administer the Estate: Begin the process of closing accounts, selling or transferring property, and settling any debts. Once these tasks are complete, you can distribute the remaining assets to the beneficiaries as outlined in the Will.
Estate administration is a significant responsibility, often undertaken during a period of grief. This checklist is designed to guide executors through the process, ensuring that they fulfill their duties effectively and with respect to the wishes of the deceased. It's a journey that requires careful attention to detail, compassion for the bereaved, and a commitment to honouring the legacy left behind.
As you navigate this path, remember that you are not alone. Support is available from legal professionals who specialise in estate administration, offering guidance tailored to your unique situation. By following this checklist, you can manage the estate with confidence, ensuring a smooth transition during this difficult time.