Executors and Estate Administration in Australia

The technique of estate administration commences with the coordination of funeral service and internment of the deceased. The executor, according to law, is specified in the deceased person’s last will. Otherwise, an administrator is selected by the Supreme Court. The executor or administrator deals with managing properties, paying debts as well as taxes and ensuring that all remaining assets are distributed to the children.

There are different categories of executors. The sole executor is one person or enterprise tasked to manage the estate. Decision making is much faster since there are no problems. The disadvantage is one individual has to carry out all the tasks including making certain that all debts are settled. The executor also ought to file the proper tax returns and ensure that the property go to the right dependents. You are liable for fixing disagreements between family members and defend the estate against legal barriers. Estate Admin Company can help you in these cases.

Co-executors mean that there are two or more individuals or entities that need to make combined decisions. This is rather complex given that it takes more time and executors may have different positions regarding the implementation process. The substitute Executor is simply a replacement just in case the main executor dies before the owner of the will or becomes unable or reluctant to assume this obligation.

When a person passes away, that person’s assets and outstanding liabilities become the obligation of the estate. In the event there is a written will, the person or organization that must act as executor is mentioned in the document. The method by which a deceased estate is managed and supervised is very important. It can make a big variance to the amount heirs receive. Thus, executors must be trustworthy and reputable people. The person identified as the executor in the Will is the first person who is expected to take on this task.

However, you are not mandated to carry out the task even if you have been selected as executor in a Will. It is possible to allow a trustee to work as executor. The organization you employ, applies for a Grant of Probate at the Probate Office. This is a requirement before you can perform as the estate’s executor and be totally responsible for properties in question. It is important to consult a legal expert regarding this matter.

Understand that the welfare and future of your heirs are at stake. Make sure that your will is ready according to law and executed by a dependable executor.

Tags: , ,

Comments are closed.