What is the PPSR?18 October 2021
What is Insolvency?3 December 2021
What is Estate Administration?
Have you been appointed an executor in an estate? Now is the time to fully understand and know your responsibilities.
- to ascertain the assets of the Estate and arrange for the assets of the deceased to come into the control of the Executor (application for probate or letters of administration may be needed to complete this process).
- to pay the debts of the deceased.
- to secure all assets and ensure adequate insurance arrangements are in place.
- to ascertain if the deceased had an existing life insurance policy.
- to organise the taxation affairs of the deceased and the deceased’s estate.
- the executor must keep proper records of all the dealings with the estate.
- the Executor should contact all beneficiaries to advise of their interests in the Will
- to distribute the residue of the estate, after payment of all expenses, to those who are entitled as beneficiaries under the Will.
To carry out the terms of the will, you may have to apply for probate which is the court’s official recognition that the will is legally valid and you are authorised to deal with the estate.
Applying for Probate or Letters of Administration
To carry out the terms of the will, you may have to apply for probate or letters of administration which is the Supreme Court’s official recognition that:
- the will is legally valid or where there is no will, that you are the next of kin
- you are authorised to deal with the estate
The process of applying for probate or letters of administration is an involved process. In order to obtain probate or letters of administration the executors must first advertise their intention to obtain probate or letters of administration in the local newspaper of the area where the deceased resided and in the Queensland Law Reporter as well as notifying the Public Trustee.
The advertising process is an important process and must be done correctly. Advertising ensures that anyone else holding a later will which may have been signed by the deceased will be indentified through the advertising process. Also any creditors of the estate will be notified.
After the prescribed time limits have expired in relation to the advertising, an application is then made to the Supreme Court. This process takes approximately 8-12 weeks from the date of death. Need help? We’re here for you.