Estate Administration
Who sorts everything out when I die?
What is Estate Administration?
Estate Administration is the process of sorting out a person estate after they die. Typically we will be holding a client’s will and are appointed to assist with the administration of the deceased’s estate by the executor.
Depending on what the assets and liabilities and who beneficiaries are, affects what is required to be done.
What are the typical documents involved?
What are the typical documents involved?
For example we may need to assist with;
Ascertaining what is in the estate
Redeeming funds from bank accounts
Selling property and other assets;
Taxation matters
Paying out loans
Resolving disputes or potential claims
Distribution of assets to beneficiaries
Typically, funds redeemed for the estate from bank and the sale of property etc are held in our trust account. These funds can be used by the executor to pay for the liabilities and costs incurred by the estate. The balance of the funds can then be distributed from our trust account to the beneficiaries of the estate as directed by the executor.
Probate – What’s that?
What is Probate? In some circumstances the estate can not be administering without obtaining Probate of the original Will. Probate is the process of proving to the Supreme Court that the Will is the LAST Will of the deceased. It (typically) is a paper application to the Court and also involves a process of advertising and notifying to the Public Trustee that the executor is applying for Probate.
Once Probate is obtained then it can be used to validate with Banks etc that the Executor has the legal right to deal with the estate of the deceased.
What are the legal costs for Estate Administration?
We typically meet with our clients for an initial no obligation meeting to discuss the particular estate that needs to be administered. From this we are able to give our clients a quote for costs involved. Our clients can then choose what they want to do and whether they wish to engage us before it costs them anything.
Costs for estate administration (because every estate is a different scenario) can be from a several thousand dollars depending on what is required. Typically the costs of administration are paid from the estate funds as they are redeemed.
Other Matters…
There are many areas that relate to the sale or purchase of property where we also are able to advise and assist our clients including:
Asset Protection
Entity and Structure Advice
Tax related advice
Estate Planning
Water licences
Leasing
Call us is you want excellent start to finish conveyancing assistance.
Contact Us
Contact Info
By appointment only.
Suite 1, 2 Otranto Avenue, Caloundra Qld 4551
P.O. Box 1957 Caloundra Qld 4551
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