Specialised legal advice can ease the pressures of estate administration
Being named as an executor of someone’s estate can involve substantial duties during an already distressing time.
As executor, you are called on to identify, gather and preserve estate assets, manage tax affairs, pay debts/liabilities and to ensure the distribution of the net assets of the Estate according to the deceased’s instructions. The executor is also the person entitled to organise and coordinate the funeral, notify all service providers, financial institutions, etc., cancel subscriptions, and manage the expectations of beneficiaries.
The responsibilities and associated liabilities can understandably feel daunting. Having experienced legal advice can reduces the stress by providing clarity about your legal obligations, and assistance throughout the process.
Helping you understand your duties as an executor
The role of the executor in estate administration varies in complexity, but in many cases it is significant. As executor, you are responsible for a range of duties – from securing the estate’s financial assets pending their distribution to communicating with beneficiaries on progress and following special instructions left by the deceased.
Our experienced estate specialists are here to advise and guide you through the process.
Confirming the deceased assets
In the first instance, you are required to locate the deceased’s assets. In most cases, this means gaining access to documentation, such as certificates of title, insurance policies, bank statements, mortgage policies and more. Once the assets have been identified, you will need to determine the relevant process/es involved to transfer assets into the Estate, and then to the beneficiaries, and in particular whether an application needs to be made for a Grant of Probate or Letters of Administration.
Applying for a Grant of Probate or Letters of Administration
Before commencing administration, you must first ascertain whether you need to apply for probate. A Grant of Probate is required if there is real estate owned in the deceased’s sole name, or if any of the estate assets cannot be transferred without probate. This is more likely if there are assets over around $50,000.00.
What is a Grant of Probate?
A Grant of Probate is essentially a certificate from the Supreme Court confirming that the deceased’s will is valid. This provides security to financial institutions, the Land Titles Office and other entities in the knowledge that they are dealing with the properly authorised person.
What are Letters of Administration?
A Grant of Letters of Administration are issued when the deceased person has not made a will, or the will has been deemed invalid. You may also need to apply for Letters of Administration with the Will annexed where there is a valid Will but no executor nominated in the Will is able or willing to take on this role. In this case, the Supreme Court will issue a Grant of Letters of Administration allowing an individual, often the closest surviving next of kin of the deceased or the person with the greatest financial interest, to administer the estate.
The team at Olivetree Legal are experienced in applying for grants of probate and letters of administration applications and their related matters.
Preserving estate property and assets
Once the estate assets have been identified, you are also responsible for securing estate assets pending their distribution before the estate is settled. This can mean insuring/ maintaining insurance of any property or assets held by the deceased and making sure any bank accounts or other assets are accruing interest. Executors who fail in this duty may run the risk of being subject to claims by beneficiaries for lost benefits resulting from those failures.
At Olivetree Legal, we’re adept at helping you manage problems that might arise during the course of administering an estate.
Managing property and assets, tax and liabilities of the estate
The financial management of an estate can be complex or quite simple. You may be required to finalise tax affairs, preserve property and assets, and pay outstanding accounts owed by the deceased. This may be simple, particularly where the deceased was living in aged care and has no other significant assets or liabilities. Conversely, there may be significant complexities including taking over the role of the deceased in family trusts, self-managed super funds and private businesses.
Representing the estate in legal proceedings
If a dispute leads to a challenge being brought against the estate, you will be called on as the estate’s legal representative during the legal proceedings. For example, in a family provision claim, a potential beneficiary can advocate for more adequate provision from the estate. You will be responsible to defend the interests of the beneficiaries pursuant to the Will.
Guidance for You When Managing a Deceased Estate
When you are responsible for managing a deceased estate, the process can feel overwhelming. As your probate lawyer on the Mornington Peninsula, we guide you through each step. Hence, you understand what needs to be done and how to move forward with confidence. We help you identify estate assets, confirm any liabilities, and ensure that everything we handle complies with the Will. If you are an executor, your role includes communicating with beneficiaries, dealing with banks, aged care facilities and other financial institutions and keeping accurate records. We explain these responsibilities clearly so you know exactly what is expected of you and can assist with the process as needed.
With our support, you can approach estate administration in a more structured and manageable way. We focus on giving you straightforward advice so you can make informed decisions throughout the process. Our goal is to help you reduce stress, stay organised, and complete estate administration efficiently while meeting all legal requirements.
We Help You Manage Probate Applications
Preparing a probate application involves detailed documentation and strict processes. We work with you to ensure everything is accurate and complete before submission, reducing the risk of errors. With us, you receive ongoing support beyond the application stage, helping you continue with estate administration smoothly and without confusion.
What if someone challenges a Will?
Why Choose Olivetree as your Probate Lawyer on the Mornington Peninsula?
Our team is collaborative and committed to excellence. We stay up to date with legislative changes and case law developments, ensuring the advice and documentation we provide are current and accurate. We also work alongside financial advisers and accountants when appropriate, giving you holistic support for your estate matters. Our fees are transparent, with no hidden costs, so you know exactly what to expect from the start.
Speak with us today for guidance from a probate lawyer on the Mornington Peninsula. We are here to help you manage probate and estate administration with clarity and confidence.
The lodging fees are charged by the Probate Office, and are calculated based on the size of the estate. These fees can be found on the Supreme Court website.
Additional complexities and charges
If the application has any element of complexity (for example the will is not signed or witnessed in accordance with the formal requirements, or there is a question about the capacity of the testator to sign the will), we will provide you with a fixed fee estimate based on your circumstances.
Additional charges apply if you would like our assistance with the administration of the estate (that is, liaising on your behalf with financial institutions, share registries, beneficiaries, and so on). Estimated fees will be provided to you after our initial meeting, if you do choose to engage our services beyond the application for the Grant.
Useful resources for understanding estate administration
The Australian Death Notification Service is a free government initiative to help people get in touch with multiple organisations using a single online notification. It also includes useful checklists and guides.
VicRoads has a Deceased Estate pack, checklists and links to other useful documents to help you navigate licensing and registration matters as simply as possible.
The ATO has compiled helpful information about what to do when someone dies, how to get authority to deal with the ATO, lodging a final tax return, and trust tax returns.