Being appointed as an executor of a deceased estate is a significant responsibility and comes with duties that must be fulfilled. The role involves managing the deceased’s assets, paying debts, and distributing the estate according to their Will. However, if you’ve been named as an executor in someone’s Will and don’t wish to take on the role, you’re not legally obligated to do so.
Here’s what you can do:
Renounce the role
You can formally renounce your position as executor by signing a “Renunciation of Probate” document which is filed with the Supreme Court of Victoria (or the relevant state or territory).
Once renounced, you will no longer have any legal responsibility as executor or for administering the estate. It is important to note that this must be done before do any steps or act in any way as the executor, as once you start, renouncing becomes more complicated.
In most Wills, a substitute or alternate executor will be appointed should the primary executor be unable or unwilling to act. If you have renounced your role as executor, this is when the substitute executor takes over the duties of the administration of the estate instead.
Take a step back
If you have been appointed as a co-executor, you have the option to take leave as an executor. This means that you are passing the responsibility to someone else (your co-executor/s) to act at this time. By taking leave, you do have the option to re-enliven your position as an executor in the future should you wish to do so.
Key Points
- Renouncing should be done early, before acting in any executor capacity. If the Court is of the opinion that you have started acting as an executor, the renunciation may not be accepted and you will have to continue acting as executor.
- Renunciation is final—you cannot change your mind later and therefore it is worth considering taking leave
- If you renounce, another executor or if not possible, a professional executor or trustee can step in to manage the estate.
How can Nevett Ford help?
Handling an estate can be complex and time-consuming, so it’s important to know your rights and responsibilities as an executor. If acting as an executor is not right for you, our Wills and Estates Team can assist you with the necessary steps to either renounce or take leave from the position.
For more information, please contact us on +613 9614 7111 or email us at melbourne@nevettford.com.au.