Navigating deceased estate administration as an executor

Until the moment someone becomes the executor of a Will, very few will know about deceased estate administration and how to be an executor. If you are suddenly responsible for handling a range of novel duties, the process can be complicated, overwhelming and stressful as one also navigates grief. 

Unfortunately, being an executor can be a thankless and difficult job. Various timeframes, paperwork and tasks can leave executors feeling uncertain and unconfident.

Managing the administration of a deceased estate requires exceptional attention to detail, sensitivity and often professional expertise. We’ve simplified the steps with a high-level guide and created a list of definitions to help demystify the process and support you as you navigate this novel experience. 

• Funeral Planning: Arrange a funeral for the deceased and their loved ones.
• Assets: Collect all assets and have them valued. Claim life insurance (if applicable).
• Debts: Discover all outstanding debts, including taxes, and pay them using the money collected from the assets.
• Applications and documentation: Apply for a grant of probate which legally authorises you, as the executor of the Will, to manage the estate while considering the nuances of each state.  
• Execution: Honour any wishes of the deceased and distribute the estate to beneficiaries according to the Will.    

Managing deceased estate administration can be complex and applications submitted incorrectly can cause delays and add additional costs. Additionally, some cases are more complicated with disputes over the validity of the Will, international assets, issues with executors or other complexities in managing the assets. Executors often hire a lawyer to assist the process, as lawyer fees are covered by the estate, meaning there’s often no immediate financial burden on the executor. 

Partners Legal Solutions recognises every situation is unique and offers expertise to support even the most complex of matters across Australia. Offering comprehensive deceased estate administration services, Partners Legal Solutions is equipped to make this process as pleasant and straightforward as possible. It is important to ensure the estate is administered promptly and the executor feels supported and confident, receiving ongoing support and the ability to ask questions along the way. 

 

Definitions:

Deceased estate administration is the legal process that commences after someone dies to settle their estate. This includes managing assets, paying debts and tax liabilities, then distributing the remaining assets to beneficiaries.

Beneficiaries are the individual/s who derive advantage from something such as a trust, Will or life insurance policy. 

Executor is a trusted person/s who is nominated in a Will to uphold the Will and carry out the estate administration.

Administrators are appointed to manage the estate of the deceased when there is no Will and, therefore, no nominated executor.

Grant of probate is a court order that allows the executor of a Will to deal with, and distribute, the estate. 

 

State-based probate information can be found here:

Victoria

New South Wales

Queensland

Western Australia

Tasmania

South Australia

 

We're here to support you 

To support our Partners Wealth Group clients and Joint Venture partners, Partners Legal Solutions is offering a complimentary 20-minute consultation to discuss your situation with an expert and gain insight into the best course of action.

 

Partners Legal Solutions Pty Ltd (ABN 52 655 454 014) is affiliated with Partners Wealth Group. Liability limited by a scheme approved under Professional Standards Legislation. This information is general in nature and is provided by Partners Wealth Group. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.