Our team is highly skilled and experienced in administering estates.
What is Estate Administration?
Estate Administration is the process dealing with a Deceased Estate pursuant to the Will (or legislation if there is no Will), including calling in and managing assets, paying any liabilities, and ultimately distributing the Estate to the beneficiaries.
What are the duties of an executor?
First and foremost the duties of an executor is to carry out the wishes of the Will-maker as specified in the Will. Common duties will be:
- To obtain the necessary authority to administer the Estate;
- To act in the best interests of the Estate and all of the beneficiaries;
- To manage and protect all of the assets of the Estate until they are distributed to the beneficiaries;
- To ensure that all of the liabilities of the Estate are paid where appropriate, including any tax liability;
- To keep full and accurate records of how the Estate has been managed and distributed;
- To distribute the Estate to the beneficiaries pursuant to the Will.
What is Grant of Probate?
A Grant of Probate is a formal document issued by the Court to the Executor named in the last Will of the Deceased which formalises the Executor’s appointment and grants them formal authority to act on behalf of the Deceased.
In Victoria, there is a six-month period from the date of the Grant of Probate within which a claim may be brought pursuant to Part IV of the Administration and Probate Act. Our Wills & Estates legal team can support, guide and advise the Executor on their responsibilities and on the steps to take in relation to calling in the estate assets and converting them into cash in accordance with the Will.
Our Wills and Estates lawyers have extensive experience in all matters relating to Wills and Estate Administration including drafting or updating your Will, Probate, Letters of Administration and working with large and small estates. Our team of Wills & Estates lawyers also provide their expertise with Estate Disputes including managing conflict within families that can sometimes occur.
If you have any questions about your Will, an inheritance or would like to find out how our Wills & Estates lawyers can assist you please don’t hesitate to contact us on +61 3 9822 8588 or email our team here.