Estate Administration
At Abbotts and Co Lawyers, we take pride in partnering with executors to provide straightforward advice and assist to bring about the legacy of the deceased. Overall, we want our clients to feel as though they are in a safe and efficient pair of hands.
We understand the need for personal closure and we make it our personal mission to see the matter progress as swiftly as possible.
TRUST THE PROCESS
Guide to Estate Administration NSW
Estate Administration is a process with a number of steps, and can take some time. When dealing with a deceased estate, the first thing that needs to happen is an application for Probate (or if there is no will, an application for Letters of Administration).
We have obtained probate, so what happens next?
Once the Supreme Court of New South Wales has granted Probate (or in situations where there is no Will, granted Letters of Administration) the executors can begin the process of managing the estate.
This process may involve:
Redeeming funds in held bank accounts;
Transfer or sale of real estate;
Transfer of sale of shares and other investments;
Redeeming Superannuation or life insurance;
Payment of any outstanding debts.
There are also a range of other items which need to be carefully considered, including maintenance of assets until sold (i.e. cleaning and collecting personal items, utilities and insurance), taxation and the possibility of any claims arising against the estate.
Family tension over inheritance of a deceased estate
It is not uncommon during the estate process for unresolved personal issues and simmering family tensions to come to the surface and cloud the path towards finalisation. To best protect the executor in their duty these risks need to be carefully considered before attending to final distribution.
In the event of a claim being lodged against the estate we are here to jump in and help the executors defend the estate. Above all else we want to ensure that the dispute is promptly resolved and that the life savings of the deceased are not eaten up in wasteful legal fees.
How long does an executor have to settle an estate in NSW?
In his novel “Break House” Charles Dickens writes about the frustrations of an estate which limps on and on. He wrote: [The child] who was promised a new rocking-horse when [the estate] should be settled has grown up, possessed himself of a real horse, and trotted away into the other world.”
Generally speaking an executor has twelve months from the date of death to make things happen. In saying that, the Court is generally reluctant to step in if the executor can demonstrate there is a good reason for the delay.
If you feel you are involved in an estate which is bogged down (and you are yet to receive your rocking horse) we can investigate the matter and attempt to give it a ‘giddy-up.’
Who gets what in a Deceased Estate?
Being an executor of an estate can be an incredibly daunting task. We all hope to live up to the trust and expectations placed in us by our deceased loved one.
In administering the estate the executor needs to carefully follow the terms of the Deceased’s will and this is often more complicated than it first seems.
Most estates involve several beneficiaries (people who the Deceased left part of their estate). To provide peace of mind to the executors, we communicate with these individuals to ensure that they are kept well informed of the progress and when to expect distribution.
Held by the safest pair of hands.
If you need assistance to wind up an Estate, distribute funds to beneficiaries and/or transfer ownership of the deceased assets, please get in touch. We are here to help take the load off your shoulders in what can be a very stressful and emotionally draining time.
Get the process started today by using our online appointment form to book an obligation free chat with the safest pair of hands.