At Nevett Ford, we understand that losing a loved one is a difficult and emotional time. It is important that you and your family have the time to grieve for your loss, however there are legal steps that need to be taken at this time.
“I was helped through a difficult estate process by Stephanie and Mei. Both were compassionate and kind, easy to contact and quick with responses to any questions or concerns I had. Their communication was always very clear. Very easy to deal with and great from day one, I really appreciate the assistance they gave me.”
We know that dealing with the task of finalizing someone’s affairs can be confronting and challenging during your grief.
We understand that for a lot of people, this is unfamiliar territory and can be overwhelming. We are able to assist clients throughout this process. Every situation will be different and there are many things that may need attention such as court applications, closure of bank accounts, dealing with superannuation and insurance policies as well as others.
Nevett Ford provide end-to-end estate management which includes:
Application for a Grant of Probate or Letters of Administration,
Identification and collection or transfer of bank account funds, shareholdings and other assets by the deceased,
Identification of superannuation interests including any applicable binding death benefit nominations,
review of applicable insurance policies to ascertain whether death benefits are payable to the estate,
disposing of or dealing with any property held by the deceased,
assistance with any tax liabilities on testamentary distributions,
assistance with any final tax return for the deceased and any prior year tax returns not yet lodged, and
distributing the deceased estate to beneficiaries.
If an estate dispute arises, our experienced estates litigation team is on hand to support and guide you every step of the way.
Some common questions we receive about managing the affairs of deceased loved one.
Who administers the estate when someone passes away?
The person’s estate and wishes are administered by an executor, who is a person appointed by the deceased in his or her Will to administer the estate. This is usually a responsible person in the deceased’s family or a professional.
If the deceased died without a Will, an administrator will administer the estate. An administrator is usually the deceased’s next of kin.
What does an executor or administrator need to do?
Do I have to act as executor if I have been named in the Will?
You do not have a legal obligation to accept the appointment as an executor. If you do not wish to act, you can renounce your executorship and a substitute executor (if named in the Will) will act in your place.
What if the deceased didn’t leave a Will?
The laws of intestacy in Victoria establish the order of priority for potential beneficiaries of an estate. This can be complicated and can be costly, and we would suggest that where someone has died without a valid Will, legal advice be obtained.
What is a Grant of Representation?
It allows the deceased’s money held in banks, managed funds and so forth to be collected, their debts to be paid, and their property to be sold or transferred.
There are different Grants available, the most common being:
- Grant of Probate; and
- Letters of Administration.
Do I need to obtain a Grant of Representation?
If the deceased owned only jointly held assets, then a Grant is usually not required to transfer these assets.
What is Probate?
What is Letters of Administration?
Who applies for Letters of Administration?
Generally it is the deceased’s next of kin who will apply for letters of administration however, the court will usually grant administration to the following next of kin in order of priority:
- the spouse or de facto spouse of the deceased;
- spouse and children;
- children;
- parents;
- brothers and sisters;
- grandparents;
- aunts and uncles; or
- any other person the Court thinks fit.
Is there a time limit for a Grant of Representation to made?
However if more than 3 years from the deceased’s date of death, you will need to provide reasons for the delay in your Application.
What is the process?
- Reviewing the deceased’s final Will (if any);
- Ascertaining the deceased’s assets and liabilities as at their date of death;
- Determining whether a Grant of Representation is needed;
- If a Grant is required, which type is necessary;
- Advertising the intention to apply for a Grant;
- Preparing the relevant Application and supporting documents required;
- Filing the Application with the Probate Office;
- Receiving the Grant and redeeming any assets such as bank accounts, superannuation, etc.;
- Finalising any remaining taxation issues; and
- Transferring or distributing the estate assets in accordance with the deceased’s Will or intestacy laws.
Where do you advertise?
What is involved after a Grant is received?
Depending on the assets owned by the deceased at the time of death, and what is stated in the Will, this could include closing their bank accounts, obtaining payment of any death benefit payable under a superannuation policy, selling or transferring assets to the beneficiaries, including real estate and shares.
If assets are liquidated, a bank account will have to be opened in the estate’s name, into which any sale proceeds should be deposited, and from which creditors must be paid.
Once the assets have been collected, you will need to ascertain the debts owed by the deceased at the time of death. This includes funeral expenses and income tax. If you have paid for expenses relating to the estate, you are entitled to claim reimbursement.
You must also finalise any tax returns for the deceased, as well as for the estate (if required) and pay any outstanding income tax owing to the Australian Taxation Office.
Once all debts have been paid, you can distribute the assets to the beneficiaries in accordance with the Will (or intestacy rules if there is no Will). It is important to administer the estate accurately, as some family members may be aggrieved if they are not provided for.
As the executor/administrator, you must prepare a report and Statement of Account for the beneficiaries showing details of the assets, proceeds of any sale of assets, and expenses paid.
How long does the process take?
Does an executor get paid?
Any payment to an executor is referred to as a commission and in Victoria, it cannot exceed 5% of the total value of the estate assets.
Who You’ll Work With
Richard Hamilton
Director
Stuart Wilson
Director
Peter Lumb
Associate Director
Andrew Lumb
Special Counsel
Greg Doran
Associate Director
Steph Chafer
Lawyer
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If you have been appointed an executor of an estate or have any queries and would like one of our team members to contact you, please complete the below details and we will contact you shortly.