Administration of Deceased Estates
Once an order has been obtained from the Supreme Court, either a grant of probate, or ‘Letters of Administration’ the executor/administrator is able to administer the estate and handle the disposal of the deceased’s assets and debts in accordance with the terms of the Will or according to law.
As an executor/administrator of an estate, you have various duties which you owe to the beneficiaries of the estate, including a duty to administer the deceased person’s assets in an efficient and effective manner.
Tetlow Legal recommend that if you are appointed as an executor or administrator of a deceased estate that you obtain suitably qualified legal advice as to your rights and responsibilities in relation to your position.
Here at Tetlow Legal we can help you by:-
- Interpreting the Will
- Dealing with an intestate estate;
- Identifying estate assets and liabilities;
- Obtaining valuations of estate property;
- Collecting estate financial assets including superannuation, bank funds, shares, outstanding loans, and insurance payouts;
- Selling or transferring estate property including real estate;
- Organising payment of estate debts including mortgages, funeral costs, and testamentary expenses;
- Advising in regard to family and testamentary trusts;
- Distributing bequests and inheritances to beneficiaries;
- Advise on tax and stamp duty implications of deceased estates;
- Organising information for estate tax returns and arranging preparation and lodgement;
- Advising executors and trustees in regard to their duties and rights;
- Assisting with family mediation and negotiation in complex and/or disputed estates; and
- Preparing or advising on Deeds of Family Arrangement (to settle disputes).
If you are the executor or administrator of an estate and would like further information in relation to administering a deceased estate please contact Tetlow Legal on (02) 6140 3263 or firstname.lastname@example.org.