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Administration of Deceased Estates

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By Andrea Olsson, Senior Associate, Wills and Estates, Mason Sier Turnbull

A Will allows you to appoint an executor of your estate.  It is your executor’s role to manage your estate.

The executor is personally responsible for a number of tasks including:

  • arranging your funeral;
  • locating your Will;
  • applying for a Grant of Probate for your estate;
  • securing your assets;
  • paying out your bills and other liabilities;
  • locating and corresponding with your beneficiaries;
  • dealing with any disputes between beneficiaries or any litigation against your estate;
  • finalising your estate and individual tax returns; and
  • distributing your estate.

What is Probate?

Probate is granted by the Supreme Court after the Court has checked that your Will is valid.  The executor is then in a position to administer your estate.  Some assets such as real estate held as tenants in common or bank accounts that exceed $50,000 require the Supreme Court to grant Probate before your executor can distribute the assets to your beneficiaries.

It is important for the executor to seek the right advice to navigate the administration of your estate in an efficient manner and to maximise the estate for the benefit of your beneficiaries.

If you require any assistance regarding administration of an estate, please do not hesitate to contact our Wills and Estates Team on 8540 0200.