Montane Estates
Frequently asked questions
▶ What is an executor?
▶ What is a beneficiary?
▶ What’s involved in settling an estate?
▶ What should the executor do as soon as a Willmaker dies?
▶ Do I have to accept my appointment as executor?
▶ Once I’ve agreed to be an executor of a Will, can I refuse down the track, or am I locked in?
▶ What is Probate?
▶ How long does a Grant of Probate take?
▶ Am I responsible for the debts of the deceased?
▶ What is Montane IBE?
▶ I’ve heard an executor is legally responsible if something goes wrong with an estate administration. Is this true?
▶ I understand my legal obligations. But what are some of the emotional issues associated with being an executor?
▶ I have additional questions about Montane Estates. Who can I contact?
What is an executor?
An executor of a Will is the person who is supported by their Montane Estates consultant to make sure instructions in the Will are carried out.
What is a beneficiary?
A beneficiary is a person named in the Will who is left a gift.
What’s involved in settling an estate?
- organise the funeral
- locate the Will
- find the deceased’s assets
- prepare legal documents about the estate’s assets to lodge with the court
- apply for a Grant of Probate
- keep the assets of the estate safe
- sell assets if required, eg property, shares etc.
- communicate with beneficiaries
- transfer the assets to beneficiaries
- complete tax returns
- defend the Will if there’s a dispute.
Montane Estates takes care of most of these for executors.
What should the executor do as soon as a Willmaker dies?
Immediately upon hearing the news that the Willmaker dies, the executor must:
- ascertain they are in fact executor of the Will
- locate the latest version of the Will
- secure the Willmaker’s assets
- contact Montane Estates to make arrangements for the administration of the estate.
Do I have to accept my appointment as executor?
You don’t have to say yes to the role. In fact, if you don’t feel as though it’s right for you, it’s better that you do not accept your appointment under the Will.
Some things to consider are:
- do you have the necessary skills?
- can you communicate well?
- are you well organised and good at paperwork?
- are you able to cope when everyone around you is emotional?
- do you have the time, energy and resources to complete the tasks of executor?
Once I’ve agreed to be an executor of a Will, can I refuse down the track, or am I locked in?
You can reject the role at any time.
What is Probate?
A Grant of Probate determines the legal viability of a Will and gives an executor permission to administer the Will.
Whether or not a Grant of Probate will be required usually is determined by the requirements of the financial institutions that hold the estate funds.
How long does a Grant of Probate take?
Probate can take anywhere between four weeks and eight months once all the paperwork is completed by the executor. Often during that time, the executor is very busy keeping beneficiaries and family members in the loop about what is happening with the estate.
Am I responsible for the debts of the deceased?
As executor, unless you’re married to the deceased, you’re not personally responsible for their debts.
What is Montane IBE?
Montane Interim Beneficiary Entitlement (IBE) was created so that beneficiaries can receive a partial distribution of an estate in the interim between transfer of funds and the final distribution of funds. Lengthy and slow bank processes often significantly delay the final distribution of entitlements. This can be frustrating for beneficiaries — even more so for executors who must manage beneficiary expectations and demands. Montane IBE gives beneficiaries and executors a more enjoyable experience during estate administration. Plus, Montane IBE saves executors the time and stress of dealing with enquiries and complaints from beneficiaries about bank delays.
Montane IBE is an optional estate administration product charged under the terms of your Montane Costs Agreement.
I’ve heard an executor is legally responsible if something goes wrong with an estate administration. Is this true?
Yes. As executor, you have what’s called a “fiduciary duty”. This means you must act in the best interests of the estate. There are a few things you can do that violate this duty and land you in trouble. If you violate your duty, the beneficiaries can sue you for any losses you caused them.
Your Montane Estates consultant can advise you about what to avoid when administering an estate.
I understand my legal obligations. But what are some of the emotional issues associated with being an executor?
Firstly, you have to deal with your own emotions. If the deceased was a close friend or family member, you’ll have to plan their funeral and take care of their property in a level-headed way, whilst riding the waves of grief.
As well as dealing with your own loss, executors find yourself in a minefield of other people’s loss. This can frequently mean handling the inflammation of once-rested conflicts and tensions.
Your Montane Legacy Consultant understands what you are going through and can give you support as you process your own and other people’s feelings.
I have additional questions about Montane Estates. Who can I contact?
To get the extra information you need, you can contact our helpdesk.
Additional Product Support Information
Visit Montane Estates support for more information.