What is Estate Administration?
Estate administration is the process of gathering and managing a deceased’s assets, paying off their debts and distributing the estate assets to the nominated beneficiaries. An estate can take anywhere from 6 months to several years to administer depending on the complexity of the assets, the age of beneficiaries and whether any disputes arise between family members.
What duties do executors have?
Anybody can be appointed as an executor of a Will. It is often considered to be a sign of trust and honour to be nominated as an executor of a Will, however, administering an estate can be time consuming and stressful. This is because administering an estate involves tremendous work and responsibility. Executors have several legal responsibilities, but they also have rights—including the right to renounce their position as an executor on their own choosing.
If you have been named as an executor on a Will, Fourtree Lawyers can advise you of your rights and responsibilities.
When can the estate be distributed?
The estate should not be distributed until all liabilities owed by the deceased, including taxes, have been paid in full.
The estate also should not be distributed until the limitation period within which a Will or estate can be challenged has expired. In NSW a Will or an estate can be challenged within 12 months of the deceased date of death or upon application to the NSW Supreme Court, and subject to special circumstance this limitation period can be extended but only on the Order or permission of the Court (through seeking what is known as “leave of the Court to bring the application”)
If an executor distributes the estate within this limitation period and there is a challenge to the Will then the executor may be personally liable for any amount payable to the person who brings that challenge to the Court.
We are here to help
Our solicitors specialise in Wills & Estates matters throughout the Central Coast, the Hunter Region and Sydney. We have the experience and expertise to guide you through the process from beginning to end to ensure your peace of mind.
If you would like assistance with your Wills & Estates Planning or wish to discuss a matter of concern to you, contact one of our Wills & Estates specialists on 1300 529 444 or fill in our contact form to arrange a free conference with a solicitor today. Contact us now! 24-hour legal advice 7 days a week
More reading -
Kevin and Jane are without a doubt 100% there to support you through Your whole ordeal reassuring you all the way My experience from finding Fourtree Lawyers on Google in a fairly unsure position, reading the reviews to the successful outcomes was the only referral I had, believe me when I say you will be happy with their experience in all fields of law which is insurmountable and they will obtain the best favourable outcome in any circumstance. Fourtree Lawyers are there for you to bring things back into perspective...
“Kevin and Jane were my “knights in shining armour.” I can’t thank these two people enough. They gave their everything and most important believed me when I told them my story. I am forever grateful for their professional attitude and for giving 100% to free me from my nightmare. I was able to plead guilty but also most importantly was not forced to lie and compromise my integrity and own personal values and standards. I was very happy with the outcome and the way I was treated. They communicated constantly...
Had the most amazing experience with Fourtree Lawyers kevin vierboom who represented my partner was helpful and understanding and we got a great result better then expected ? jane hogan, I was so blessed to have her by my side. They are an amazing team and i would recommend them to everyone also great value for money. Especially considering i only called the morning of the court case and they were all over it at my bek and call thankyou so much guys im so appreciative for all your help today
I was lucky enough to have Kevin take my case and am truly grateful for the services he and his team provided. From the outset, I was made to feel comfortable and knew from the first time meeting with them that they would go above and beyond to get the best possible outcome and that is exactly what they did. Fourtree Lawyers provides exceptional service with outstanding results and I would recommend Kevin to anyone and everyone who is in need of these services.