Estate administration is the process by which the wishes of a Will maker are brought into effect following their passing. Your executor will manage this process, often with the assistance of a lawyer.
The process of estate administration can take many months, depending upon the nature and extent of the assets and property involved. In many cases, the executor will need to obtain probate of the Will before financial institutions (such as super funds and banks) will agree to let the executor administer the estate.
Once all of the assets and property of the estate are received, and all of the liabilities/debts are discharged (including any outstanding tax liability), the executors will make the final distribution to the beneficiaries of the estate.
Cairns Wills and Estate Lawyers can help with:
Probate is a process by which the Supreme Court of Queensland essentially approves the Will and makes a Grant of Probate. Once probate is obtained, financial institutions are required to follow all directions given by the executor to administer the estate.
To get probate, some of the things an executor needs to do are::
Cairns Wills and Estate Lawyers can advise you whether probate is necessary or relevant to your situation.
An executor is the person you nominate to make sure that your last wishes, as detailed in your Will, are carried out after your death. The role is known as estate administration, and generally involves:
Cairns Wills and Estate Lawyers can help ease the process with clear and accurate advice on the most cost effective and expedient way of dealing with the estate.
Choose someone that you are confident will act responsibly. Most people choose to appoint their spouse or adult children as executors. There is no problem if your executor is also a beneficiary of the Will.
It is quite common for people to appoint professional advisors, such as their accountant or lawyer, to act as their executor, especially when the administration is going to be complex.
Most executors will engage a lawyer to help them with a Will, so your executor does not have to be commercially or legally experienced.
We encourage clients to choose people whom they know and trust to be their executor, as we can guide them through the process when the time comes for them to act.
Estate administration and executorship can be a complex and confusing job at a time of grieving. If accept the responsibility, be sure that you will be able to complete the process (which can spread out over many months).
Getting legal advice is important, so that you are clear about how to properly administer the estate and ensure that you fulfill your duty as executor. If you do not administer a Will strictly in accordance with its terms as executor you can be personally liable to the beneficiaries of the estate.
If you have been appointed as an executor, and do not want to be one, you can file a renunciation.
Our experienced lawyers can help you understand your rights and responsibilities as an executor.
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