Once a Grant of Probate or Letters of Administration have been obtained the estate needs to be administered. Being an executor or administrator can be a daunting and somewhat overwhelming job. However, seeking guidance and help is available to you.
Your roll as the executor sees you undertaking a whole wide range of tasks in order for you to satisfy the terms of the Will. You also need to ensure the estates legal affairs are in order especially when it comes to taxation. The administration of the estate will see you undertake such tasks as:
- Securing & valuing all the estate assets
- Tending to the payment of debts
- Arranging and paying for the funeral
- Collection of the death certificate
- Informing beneficiaries
- Preparing tax returns
- Managing trusts
- Attending to businesses and investments
- Paying bills, arranging insurance, working with banks, diverting mail and closing accounts and services
When to distribute an estate?
Distribution of the estate should only occur after all debts have been paid, including any tax and after six months from the grant of Probate or Letters of Administration. The reason for the wait of six months is that this is the time period in which someone can lodge an application in the Supreme Court to contest the estate and challenge the Will. In the event you distribute the estate prior to this time period and it is negotiated or ordered that distribution is to be different to what you have already done you could have major problems. If you can’t call in the previous distributions you will most likely be held personally responsible and may have to pay from your own funds.
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Probate | Letters of Administration | Estate Administration | Contesting An Estate | Defending An Estate