ESTATE ADMINISTRATION
When a loved one dies, you often have to cope with the loss as well as attending to many arrangements. We understand what a difficult time this is, and our aim is to lighten your load. We help you to understand the Will and your obligations as the executor. We can also help you with the legal paperwork to administer the Will and to make sure properties and other assets are transferred where they need to go, with minimal fuss. This process is known as deceased estate administration.
It is very important that you receive good legal and tax advice at this time, because there are practical tips and tax strategies that can potentially save the estate and the beneficiaries a lot of money. Executors also need advice on what they can and cannot do during the estate administration, and in what time frames, otherwise they risk being personally liable for any estate loss or incorrect transfer.
We will take the time to explain the process to you so that you are comfortable with each step along the way. So, no matter how large or small the estate is, we are here to help you.
Grant of Probate
When a loved one dies and you have been appointed as the executor of their Last Will and Testament, you may need to apply for a grant of probate, more simply known as probate, of that Will.
Probate is the process of registering and proving the last Will of the deceased person to the Supreme Court. Once you have completed the registration process, a document is issued by the Supreme Court that certifies the Court’s recognition that the deceased’s person’s Will is their legally valid and last Will. It also authorises the appointed executor to deal with the estate.
Probate is required by an increasing number of institutions (including banks and share registries) before they will release a deceased person’s assets. Obtaining probate simplifies the process of dealing with institutions as they will require far less paperwork from you to release the assets they hold. Not only can probate speed up administration of the estate, but it can also potentially reduce the personal risk of an executor. Acting as executor is a serious responsibility and it is important to get it right and in a timely manner.
The requirements of the Court when making an application for probate are strict. The process can be delayed if you miss an item or apply for the wrong type of grant. It is important to get this foundational task right so that you do not delay the distribution of assets to beneficiaries. That is why it is often best to engage professionals to help you in the process of completing an estate.
Contact with us on 07 3902 1177 or info@saunderssolicitors.com.au to discuss this further.
Letters of
Administration
Applying for Letters for Administration may be required when a person dies and does not have a valid Will or their Will does not successfully appoint an executor. This application is made to the Supreme Court and is required in order to administer the assets of the deceased person’s estate and finalise their affairs.
The person who receives the Letters of Administration is called an ‘administrator’, rather than an executor in circumstances where the Will is valid. From the time that an administrator receives the Letters of Administration, they have all the same powers and obligations as an executor appointed in a valid Will.
The circumstances of the estate can influence whether Letters of Administration are required and in what State these should be obtained. A number of institutions including banks and share registries will require Letters of Administration before they will release a deceased person’s assets.
It is important not to delay the process of applying for Letters of Administration because an administrator only receives authority to administer the estate from the date they have been issued. That is why it is often best to engage professionals to help you with the process. Acting as an administrator is a serious responsibility and it is important to get it right and proceed in an efficient manner.
Contact with us on 07 3902 1177 or info@saunderssolicitors.com.au to discuss this further.