Estate Administration
Everything your Executors and Trustees wish you told them
Hundreds, and sometimes thousands of dollars in expense is caused to your loved ones because matters that you have a clear understanding of are not necessarily shared with or known by your loved ones.
It is often inappropriate to provide detailed information about your affairs to your loved ones during your lifetime. However, your executors and trustees will certainly need this information in order to be able to ensure that the value of your estate moves as quickly and as cost effectively as possible to those you desire to benefit, and not to lawyers or other professionals who need to spend countless extra hours clarifying the nature of your estate.
We recommend that everyone has a document in place, which provides information that every executor and trustee requires for the effective administration of your estate. You can now buy such a document online, save it on your computer and update it as required.
Solution = Executor’s Kit. This LawPack from www.onlinelegal.com.au will ask questions and provide you with space to provide information about all types of relevant matters from your wishes in relation to funeral and burial/cremation arrangements through to details of bank accounts and insurance policies.
on February 3rd, 2006 at 7:15 am
Are there capitas gains tax implications if in the disposal of the family home from a deceased estate, takes more than 1 year?
The CGT Guide ATO web site should help you out on this one.
Is this a national or state law?
National
Is it different NSW and Vic?
No
on October 13th, 2006 at 6:23 am
Are executors to maintain property of deceased insofar as gardens, lawns etc and rubbish?? A contested case can drag on for months and the deceased’s home begin to look neglected……
thanking you
Chris
Response:
The short answer is normally yes, out of estate funds. The Will can provide otherwise. A court can order otherwise.
Regards
Onlinelegal
on January 27th, 2007 at 7:16 am
If a married couple both have allocated pensions from an industry super fund plus a very small age pension each and one dies and the family home then becomes too big for the remaining party. How should one structure their super prior to this event so that the survivor is able to gain access a lump sum in order to add to any monies received from the family home when they find that “downsizing ” perhaps closer to town might cost them another $100,000 over and above what they realise from the sale and still manage to be receiving a small age pension. We each have named the other as beneficiary of our funds.
Thank you
Response:
This is a question for your Superannuation Advisor.
Regards
Onlinelegal
on October 2nd, 2007 at 5:49 am
This is more a question, then a comment.
My mother died recently, my cousin and I have been appointed “Executors”. To follow my mothers wishes that all the family get a fair and equal amount I have advised the family NOT to remove any item from the house. This will allow us to determine what assets can be divided.
I have a sister that has a set of house keys, she will not return them to us, she has also entered the house and removed items (we do have proof). As an “executor” what are our rights in recovering the items? Under what Act can I read about my rights, duties etc as an “Executor”? I understand that if I go to the police, they may consider it to trivial to act upon. The estate is in Canberra.
Your assistance (advice) would be very much appreciated.
Response:
Start with the Administration and Probate Act 1929
You have a right and a duty to recover such items.
I suggest that you tell the police, change the locks on the home and also engage a local lawyer to assist you.
Regards
Onlinelegal