For an overview of the responsibilities of executors click here.

The consequences of failing to carry out those duties will depend on whether the will maker has exempt the executor from liability for certain acts or omissions.

Suggest you look at the NSW Trustee and Guardian web site for general information about the role of Executor. As a trustee you have legal obligation to ensure the proper adminsitration of an estate in accordance with legal provisions. That is why engaging a solicitor to support your role as executor is generally a good idea. I don't administer estates myself but a search for a local lawyer dealing in estate management is recommended. Also the Public Trustee and Guardian office offer an executor service.