Information for Executors
If you are the executor of an estate, there are usually many things that need to be attended to. Your duty is to:
- identify and collect the assets of the estate;
- pay any debts owing by the estate;
- lodge tax returns (if required);
- distribute the estate in accordance with the terms of the Will.
In some cases probate of the will is required. Probate is official recognition that a will is legally valid. The main reason for obtaining a grant of probate is that some organisations holding assets of the estate (eg banks with funds exceeding $50,000) will not release them without sighting a grant of probate.
You don’t need a grant of probate if the property of the deceased is held in joint names, because the property passes to the survivor on death. Real estate can also be sold or transferred to a beneficiary without a grant of probate provided that certain requirements are satisfied.
Probate provides you with protection if a more recent will is subsequently discovered or if the validity of the Will is later challenged. For this reason you may decide to obtain a grant of probate even though the grant is not required in order to distribute the estate.
The process of obtaining probate generally takes between 4 to 6 weeks. You must advertise your intention to apply for probate in a daily newspaper circulating in the area where the deceased last lived and in the Queensland Law Reporter. You must then wait two weeks before you can apply to the court for the grant. Anyone claiming an interest in the estate can during that time, file a ‘caveat’. This stops a grant of probate being made until the claim is sorted out.
HRL has extensive experience in all matters that need to be attended to in the administration of estates, including applications for probate. Usually there are many things that you can attend to yourself. For some people however, the magnitude of the grief or the time required makes it difficult for them to attend to the necessary tasks. At HRL, we will discuss with you fully, the things that you can and want to manage and the things you need our help with. We are available to provide whatever support you feel you need. We can do as much or as little as you require.
Information for beneficiaries
HRL can also assist beneficiaries. If you are a person who is a spouse, child or dependent of someone who has died, and you feel that adequate provision has not been made for you in the will of the deceased, then you may be entitled to apply to the court for provision from the estate. This is known as a Family Provision Application (FPA). There are time limits that apply to making an FPA. HRL can advise you of your rights and help you make the application.
Contact us to find out more or to arrange an appointment.
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