Tips for Executors
There are lots of ways to make the job of being the executor go more smoothly.
Here are some tips for getting it done:
Search for unclaimed money for the estate early on in the process. Start here: https://moneysmart.gov.au/find-unclaimed-money
Apply for a refund of pre-paid driver's license fees: https://www.transport.wa.gov.au/licensing/drivers-licence-refunds.asp
Publish the Notice to Creditors of the Estate at least 1 month before distributing to beneficiaries to ensure you have paid off all the debts and don't expose yourself to personal liability
Conduct bankruptcy checks on the beneficiaries before distributing to ensure you don't expose yourself to personal liability if you accidentally pay money directly to an undischarged bankrupt. https://www.afsa.gov.au/online-services-help/bankruptcy-register-search
Keep beneficiaries informed of your progress in dealing with the estate. Everyone loves a colour coded spreadsheet.
Take photos of the specific gift items before giving them to the intended beneficiaries.
Open an estate bank account as soon as you've got the Grant of Probate / Letters of Administration, never mix estate money with your own.
If the deceased did not have an accountant do their tax returns apply for their tax information from the ATO as soon as possible to avoid delays. https://www.ato.gov.au/individuals/deceased-estates/accessing-a-deceased-person-s-tax-and-super-information/
If a dispute arises or you hit a roadblock, or if you need help, seek legal advice early. There are no silly questions. Being the executor is a hard job and you can ask for help anytime you need it.
