Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Home / 388

Seven steps to easier management of your estate

When you choose someone to act as the Executor of your estate, you are giving them the responsibility of taking charge of your estate because you trust them and you are confident that they will carry out your wishes. While this may be taken as a compliment, most people appointed as Executors are unaware of the demands of the role.

Your Executor will have the responsibility of applying for probate, paying liabilities, distributing assets and closing accounts, all according to your wishes. It is a role not to be taken lightly. It could take up a serious chunk of time coupled with them having to deal with the emotional aspects surrounding the estate and its administration.

In the absence of any issues surrounding the estate, and even with complete documentation, the task of performing these responsibilities is daunting for an Executor especially for a first timer. It becomes more difficult if they encounter setbacks such as not being able to find the required documents or being given the wrong information and having to reconstruct information from scratch.

To avoid delay and what might become massive inconvenience and expense, help your Executors by ensuring they have access to everything they need when the time comes.

Here is a list of things you can do to help your Executor:

1. Locate and update your executed Last Will & Testament 

Your Executor can act on behalf of your estate only if they have the originally executed Last Will & Testament. It is therefore important to make sure that it is up to date, no pages are missing and all pages are signed and witnessed. Your Executor will need this document when they seek probate so make sure they have access to it.

For practicality, give your Executor a certified copy of your Last Will & Testament or at least tell them where they can find the document.

2. Prepare an inventory of all your assets and liabilities

Another document required for probate is an inventory of assets and liabilities of the estate. By preparing the inventory, your Executor will have an easier time in preparing and lodging the application for probate. Assets you may have include bank accounts, properties, shares owned in companies, automobiles while liabilities include mortgage, utilities, and mobile phone subscriptions.

3. Prepare a list of contacts of professionals and advisers you liaise with

Much of the time spent by your Executor will be in determining who your contacts are and searching for them. You can help your Executor by providing contact details for you solicitor, accountant, financial planner and life insurance agent.

4. Organise all your title documents

If any documents you are required to have are lost or missing it would be better if you arrange for their replacement now rather than requiring your Executor to do so. This is especially true for real estate as the documents are necessary to transmit the property to the beneficiaries.

Instances when you may not have custody of the physical title documents include:

  • where they are held by your mortgagee
  • simply lost over time
  • some Australian states do not issue paper documents of title e.g. Queensland (a printout of the Registration Confirmation Statement from the Queensland Land Titles Office is recommended) or Victoria (obtain a copy of the electronic certificate of title)

5. List your online accounts

You may want to provide a list of all online accounts together with the login details (e.g. usernames, passwords, answers to secret questions) to your Executor so that they can close or continue using some online accounts. Online accounts you might have include bank accounts, share registry accounts, utilities accounts, social media accounts, email accounts … virtually anything provided online.

6. Make sure your Executor has access to some cash

Your estate will incur bills such as medical expenses, funeral expenses, and legal fees. It is best to make sure your estate contains a cash account and give your Executor access to it so that they can pay these bills and other expenses of the estate.

7. Put the documents in a place where your Executor can find them

Gather all your important documents together and store them in a safe place for easy access for your Executor. It is advisable to prepare the following documents:

  • Last Will and Testament which is up to date
  • Codicil (if any)
  • Powers of Attorney, general or enduring
  • Appointment of Enduring Guardian
  • Living Will
  • Birth Certificate
  • Marriage Certificate
  • Citizenship Certificate, if naturalised
  • Certificates of Titles
  • Life insurance policies
  • Share certificates, brokerage statements and other documents of title of your Investments
  • Binding death benefit nominations which is up to date
  • List of assets and liabilities
  • List of contacts of professionals and advisers
  • Details of any safe or safe deposit box you use
  • Automobile registrations
  • List of online accounts to be operated or closed with details of usernames and passwords

The location of the documents should be secure and if possible protected from fire, storm and flood. Ideally you would scan all the documents and create a parallel electronic safe so that if the physical documents are lost or destroyed your electronic copies will be sufficient for your Executor to administer your estate.

By doing these things the Executor is better able to perform their duties. Planning ensures that the estate can be implemented with as little fuss and problem as possible and will avoid unnecessary delays and, importantly, fees, costs and charges.

 

Jonathan See is a Solicitor with Townsends Business & Corporate Lawyers. This is an excerpt of the author’s recently published article, ‘Preparing for the Inevitable: Getting your estate documents together’. It is general information and does not consider the circumstances of any individual.

 


 

Leave a Comment:

RELATED ARTICLES

Estate planning made simple, Part II

Watch out, it's not easy being the executor of an estate

How to avoid inheritance fights

banner

Most viewed in recent weeks

Australian house prices close in on world record

Sydney is set to become the world’s most expensive city for housing over the next 12 months, a new report shows. Our other major cities aren’t far behind unless there are major changes to improve housing affordability.

The case for the $3 million super tax

The Government's proposed tax has copped a lot of flack though I think it's a reasonable approach to improve the long-term sustainability of superannuation and the retirement income system. Here’s why.

Tariffs are a smokescreen to Trump's real endgame

Behind market volatility and tariff threats lies a deeper strategy. Trump’s real goal isn’t trade reform but managing America's massive debts, preserving bond market confidence, and preparing for potential QE.

The super tax and the defined benefits scandal

Australia's superannuation inequities date back to poor decisions made by Parliament two decades ago. If super for the wealthy needs resetting, so too does the defined benefits schemes for our public servants.

Meg on SMSFs: Withdrawing assets ahead of the $3m super tax

The super tax has caused an almighty scuffle, but for SMSFs impacted by the proposed tax, a big question remains: what should they do now? Here are ideas for those wanting to withdraw money from their SMSF.

Getting rich vs staying rich

Strategies to get rich versus stay rich are markedly different. Here is a look at the five main ways to get rich, including through work, business, investing and luck, as well as those that preserve wealth.

Latest Updates

SMSF strategies

Meg on SMSFs: Withdrawing assets ahead of the $3m super tax

The super tax has caused an almighty scuffle, but for SMSFs impacted by the proposed tax, a big question remains: what should they do now? Here are ideas for those wanting to withdraw money from their SMSF.

Superannuation

The huge cost of super tax concessions

The current net annual cost of superannuation tax subsidies is around $40 billion, growing to more than $110 billion by 2060. These subsidies have always been bad policy, representing a waste of taxpayers' money.

Planning

How to avoid inheritance fights

Inspired by the papal conclave, this explores how families can avoid post-death drama through honest conversations, better planning, and trial runs - so there are no surprises when it really matters.

Superannuation

Super contribution splitting

Super contribution splitting allows couples to divide before-tax contributions to super between spouses, maximizing savings. It’s not for everyone, but in the right circumstances, it can be a smart strategy worth exploring.

Economy

Trump vs Powell: Who will blink first?

The US economy faces an unprecedented clash in leadership styles, but the President and Fed Chair could both take a lesson from the other. Not least because the fiscal and monetary authorities need to work together.

Gold

Credit cuts, rising risks, and the case for gold

Shares trade at steep valuations despite higher risks of a recession. Amid doubts that a 60/40 portfolio can still provide enough protection through times of market stress, gold's record shines bright.

Investment strategies

Buffett acolyte warns passive investors of mediocre future returns

While Chris Bloomstan doesn't have the track record of his hero, it's impressive nonetheless. And he's recently warned that today has uncanny resemblances to the 1990s tech bubble and US returns are likely to be disappointing.

Sponsors

Alliances

© 2025 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.