What to do if you are an executor?
People often nominate close relatives to be their executors. Many people do not understand what is involved in being an executor of an Estate. Often when someone passes away there is a lot to do, and most people, including the Executor are in a state of grief.
LS Legal helps you, whether you:
- are seeking general guidance/advice on what your role is;
- require a lawyer to prepare and file the documents for probate or letters of administration;
- prefer someone else to attend to the day to day management of the Estate.
An Executor (or Administrator) is the legal representative of the deceased’s Estate, and as such as responsibility for notifying various entities of the death, gathering in the assets of the deceased and protecting and maintaining any assets such as property until distribution of the Estate may be finalised.
An Executor has 6 months from the date of death to file for probate. Distribution of the Estate cannot take place until at least 6 months from the date of death has passed, and certain publication requirements have been met.
An Executor cannot mix the Estate’s assets with their own. They may also be required to seek financial and taxation advice and file tax returns for the Estate.
Administration is required when the person died without a valid will or the original will cannot be found. The people who can be administrators are regulated by the Court and depend on who the beneficiaries are under the laws of intestacy.
In some circumstances probate/administration is not required, and the executor’s role may be limited. We can assist with any relevant documentation required to enable transfer of jointly held assets to the surviving owner’s name alone.
Costs for obtaining a grant of probate, grant of letters of administration or a reseal are regulated by legislation and are calculated on the value of the Estate:
Less than $30,000 – $560 plus $13.33 per $1,000
Exceeding $30,000 but less than $150,000 – $960 plus $5.90 per $1,000 greater than $30,000
Exceeding $150,000 but less than $1,000,000 – $1670 plus $4.47 per $1,000 greater than $150,000
Exceeding $1,000,000 but less than $3,000,000 – $5,470 plus $1.66 per $1,000 greater than $1,000,000
Exceeding $3,000,000 but less than $5,000,000 – $8,800 plus $1.10 per $1,000 greater than $3,000,000
Exceeding $5,000,000 but less than $10,000,000 – $11,000 plus $0.90 for each $1,000 greater than $5,000,000
Exceeding $10,000,000 – $15,500
(exclusive of GST)
Costs for administration are not regulated and our standard rates apply.