What Does an Executor Actually Need to Do Once Probate Is Granted in Australia?

Once probate is granted, the executor’s main tasks are to collect the estate’s assets, pay the deceased’s taxes and debts, prepare statements of account, and distribute the estate under the terms of the will. The executor is personally liable for mistakes made during this process, which is why many choose professional assistance.

Collecting the Estate’s Assets

The first major task is to identify and collect all the deceased’s assets. This involves:

• Locating all bank accounts, shares, and investments — You’ll need to track down what the deceased owned.
• Managing property — If the estate includes real estate, you may need to maintain, secure, or arrange to sell it.
• Retrieving personal items — You’ll need to collect the deceased’s personal belongings and arrange distribution according to the will.
• Notifying relevant organisations — Banks, insurance companies, investment firms, and government agencies all need to know of the death.

This process takes time and requires careful documentation of everything that forms part of the estate.

Paying Taxes and Debts

Before anything goes to beneficiaries, estate debts must be settled. This includes:

• Tax obligations — The final tax return and any income tax liabilities must be managed.
• Debts — Mortgages, loans, credit cards, and other liabilities are paid from the estate.
• Funeral expenses — These are usually paid from the estate.
• Administration costs — Probate fees, legal fees, and executor fees come out of the estate.

Getting tax treatment right is crucial—incorrect handling can create unnecessary liability.

Preparing Statements of Account

Executors must keep meticulous records and prepare statements showing:

• What came in — All assets collected and their values.
• What went out — All debts paid, expenses incurred, and distributions made.
• Final balances — What remains and how it will be distributed.

These accounts must be accurate and transparent. Beneficiaries have the right to see them and verify that the executor has acted properly.

Distributing the Estate

Once taxes and debts are paid and accounts prepared, the executor distributes the remaining estate according to the will. This might involve:

• Transferring property — Arranging title transfers or selling property and distributing proceeds.
• Transferring funds — Distributing cash to beneficiaries.
• Handing over personal items — Delivering bequests of specific items.

Distribution should happen within a reasonable timeframe—typically within 12 months of death, unless there are complications.

The Personal Liability Factor

Here’s something many executors don’t fully appreciate: you are personally liable for mistakes made during administration. If you mishandle funds, make improper distributions, or create tax problems, beneficiaries or creditors can come after you personally. This isn’t theoretical—it’s a real risk.

This personal liability is exactly why many executors choose to have professional assistance. An accountant can ensure tax matters are handled correctly. A lawyer can review your administration approach and ensure distributions are made properly.

How Willed Can Help

Willed provides ongoing support for executors managing estates after probate is granted. From navigating tax obligations to ensuring proper accounting and distribution, professional guidance helps you avoid costly mistakes. You don’t have to navigate this alone—and given your personal liability, it’s often worth getting expert help.

Estate administration is complex and consequential. Getting it right protects both the estate and you as executor.