I am an executor, how do I finalise and distribute an estate?

 As an executor of a Will, it will be your duty to collect in the deceased person’s assets, pay any debts, make payments of any bequests, transfer any assets and attend to the final estate distribution.

A bank account will often need to be opened in the name of the estate.  Alternatively, if a solicitor has been instructed, estate funds can be deposited into and paid out of their trust account.

Once an executor is confident that all assets of the estate have been realised and all debts and pecuniary or specific bequests paid or transferred, they can attend to distribute the rest and residue of the estate to the beneficiaries pursuant to the terms of the deceased’s Will.

It is important that an executor provides a detailed accounting of the estate to the beneficiaries prior to attending to the final distribution. This is known as a distribution statement.

The distribution statement should set out the following information:

• A list of all of the assets of the estate (this could include real estate, bank accounts, shares, motor vehicles, furniture and effects etc), the date the asset was realised (ie funds paid into the estate bank account or transferred to a beneficiary) and the value of the asset;
• List any income received and the date it was receipted into the estate bank account;
• List the expenses and liabilities of the estate and the date these were paid out of the estate bank account;
• List the proposed distribution to each beneficiary in the proportions set out in the Will.

The executor should provide each beneficiary with a copy of the Distribution Statement and obtain their written authority prior to completing the distributions.

Due to an increase in Cyber Fraud in recent times, the executor or their legal representative should also verbally confirm bank account details with each beneficiary prior to attending to any payments out of the estate.

Once the final payments are made, the executor can update the Distribution Statement with the date of the final distribution payments and send a final copy to each beneficiary.  

Please let us know if we can be of any assistance with your duties as an executor of an estate.