When an individual passes away, their assets and liabilities are known as their estate. An estate might include property, valuables, real estate, cars, shares, investments, superannuation, and life insurance policies.
An Executor or Administrator is responsible for administering an estate and carrying out the final wishes of the deceased in accordance with their Last Will and Testament (Will). The Executor will be named in the deceased’s Will, or alternatively the Supreme Court may appoint Executor(s) or Administrator(s) by issuing a Grant of Probate or Letters of Administration. If multiple Executors or Administrators are appointed, they must all sign together to operate the accounts.