Estate Administration, A Brief Guide for Executors, Trustees and Personal Representatives
The Funeral
Funeral costs are born by the deceased. If the accounts are frozen a family member or the executor may wish to pay for the funeral and be reimbursed by the estate.
What is an Executor?
An executor may also be referred to as a personal representative or trustee. Regardless of the title, the executor will need to:
- Call in the Estate Assets;
- Pay down any estate debts; and
- Distribute the Estate in accordance with the Will
- It may also be necessary to defend the Estate from various claims against the estate.
Who does the Executor need to show the Will to?
If a person named in the Will asks to see it, or if an immediate family member asks to see the Will, then the Succession Act requires that you show the will (including an earlier Will) to the person who has requested it. Friends or distant relatives not mentioned in the Will usually do not have any right to see the Will.
Do I need Probate?
A Grant of Probate is a document issued by the Supreme Court. In simple terms, probate is proof that the Will is valid. Some banks and financial institutions will require an Executor to obtain the Grant of Probate before they transfer the deceased’s assets to the estate. Obtaining a Grant of Probate offers some protection for an Executor. Whilst the policies vary between institutions, estates worth more than approximately $40,000.00 will most often require a grant of probate.
What do I need to pay for?
As an executor you are not required to pay for anything personally. If you engage an estate lawyer to act for the estate, those costs are payable from the estate. All of the deceased’s debts are also payable from the estate.
Do I need to use a Lawyer?
Like most legal processes, there is nothing to stop you administering the estate yourself however, you should be aware that as an executor you have various duties to the estate as you hold the estate assets on trust for the beneficiaries. An experienced estate lawyer understands the applicable laws and duties and can steer you in the right direction. The costs of administering an estate are payable from the estate and most executors enjoy the comfort of having an estate lawyer to turn to during a difficult and often emotional process. Please telephone the lawyers at Gold Coast Estate Law on (07) 5532 9744 for a no obligation chat about what we can do for you.