If you die with more than $50,000 worth of assets in your own name, then your executor needs to obtain a Grant of Probate of your Will with the Supreme Court of Victoria.

This means that your executor must compile an inventory of all of your asset and liabilities that you held at the date of your death.

The inventory together with your original Will and other probate documents are then lodged with the Court for review, where the Court looks at the validity of the Will amongst other things.

If the Court have any questions regarding what has been submitted they will issue a requisition asking for further information.

Once the Court is satisfied with the documents submitted the Court will issue a Grant of Probate. This means that the executor now has total control of the deceased’s assets and must administer these assets until such a time that they are distributed to the beneficiaries in accordance with the deceased’s Will.

When a loved one passes away, it is an overwhelming and emotional time in your life. This is particularly the case if it is the first time that you have experienced loss and have no idea of the legal requirements going forward. Aside from saying your final goodbyes, organising a farewell or a celebration of life, there is the often arduous task of dealing with your loved one’s belongings and assets.

Let the relevant people know

If you are the executor of your loved one’s Will, it is your role to advise the relevant people and organisations of your loved one’s death. This could include employers, banks, government agencies, insurance companies, telecommunication and utility providers. You may need to cancel health insurance, newspaper and magazine subscriptions, home help and cleaners and advise the bank to cancel direct debits. You may also need to redirect your loved one’s mail if no one is residing at their address. It is also the executor’s role to liaise with the funeral director to arrange your loved one’s funeral in accordance with their wishes.

Securing Assets

In your role as executor, you will need to ensure that all of your loved one’s assets are secured and that all keys are accounted for in respect to their properties, motor vehicles, motorbikes, boats, caravans and business premises. It is imperative that current insurance is in place in respect to these assets and that all motor vehicle registrations are paid. In addition, all personal and household belongings need to be accounted for and kept in a safe place.

Some people are extremely diligent and provide executors with a copy of their last Will and details of where the original Will is or perhaps the details of the law firm who prepared their last Will and hold the Will on safe custody.

Once a Grant of Probate of the deceased’s Will has been obtained it is the executor’s role to administer the estate until such time that the estate can be distributed to the beneficiaries.

Assets that are jointly held with another party automatically pass to the surviving party upon the death of a deceased.

The first role of the executor is to organise the funeral or celebration of life of the deceased. The deceased may have left instructions in their Will or amongst their private papers in respect to their wishes for their funeral or celebration of life. The deceased may have also arranged a prepaid funeral, if so the executor will need to liaise with the appropriate funeral director in respect to this.

Obtaining a Grant of Probate of a deceased estate can be a lengthy process, particularly where there are complex estate planning assets, such as Trust, business structures and an array of different classes of assets.

Given that most deaths are unexpected, it is normal for an executor to be overwhelmed in respect to what to do and where to start, particularly if you have lost a close loved one.