Do you know about - Executors of Wills and Their Duties
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In Victoria, and most states of Australia, the role of Executor of a Will is to:
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1. Develop or assist with the funeral arrangements for the deceased.
2. Ascertain either the deceased left a Will and if so, the whereabouts of the customary document.
3. Ascertain the assets held by the deceased and any liabilities owed as at the date of their death.
4. Forewarn the following parties of the death, although this task is often carried out by family members:
• healing Practitioner.
• Solicitor
• Accountant / Australian Taxation Office
• Banks and other financial institutions
• Insurers
• health assurance / Medicare
• Electoral Office
• Vic Roads - car registration and cancellation refund (if any) of drivers licence.
• Libraries
• Dentist
• Optometrist
• Post Office
• Clubs and other organisations.
• Subscriptions to Newspapers or magazines.
• Cancel taxi card.
• Utilities - electricity, gas, telephone, municipal office (rates) water supply company.
• Veterans Affairs (if relevant)
5. Gain a Grant of Probate from the Victorian Probate Duties Office (if required). In some instances obtaining a Grant of Probate will not be indispensable and a lawyer experienced in this area will be able to advise if so.
6. Until the Estate assets are called in and the debts of the Estate paid, the beneficiaries under the Will have no right to the assets of the Estate, even if they are specifically bequeathed to them.
7. On winding up the Estate the Executor is required to supply an definite record of the monies received and disbursed by the Estate and to prepare a Distribution Statement reflecting same.
8. On the winding up of the Estate the Executor is responsible for the preparation of Releases, which are required to be executed by the beneficiaries of the Estate acknowledging receipt of their entitlement in the Estate.
9. An Executor must extraction his or her duties with all due care for the good and benefit of the beneficiaries and to ensure the interests of the beneficiaries, and particularly the interests of any minor child or children or disabled beneficiary are protected.
10. An Executor has an promulgation to avoid a position of disagreement in the middle of his/her own interests and the interests of the Estate in general and the interests of beneficiaries in particular.
11. The Executor should make arrangements with an Accountant to Gain a tax file number for the Estate and for a taxation return to be prepared for the Estate for the current financial year. The Executor or their Lawyer or Accountant should also perceive the Australian Taxation Office to ascertain either a final tax return for (the deceased) is required to be lodged. In the event tax is assessed as being payable, this will be classed as debt of the estate and will need to be paid from the proceeds of the estate, prior to any distribution taking place.
12. Due to the complexity of obtaining Probate, the management of and the winding up of an Estate, it the usual practice for Executors to appoint Solicitors to attend to all these matters on their behalf. The Executor is entitled to be reimbursed for all such uncostly expenses incurred by them from the Estate.
Role of Trustees: (this is ordinarily the same someone as the executor unless the will provides otherwise ):
1. The Trustee's role is to ensure that the directions of the deceased are carried out in accordance with the terms of the deceased's Will and pursuant to Law.
2. This can range from merely having to pay out stipulated adult beneficiaries after cost of the debts of the Estate to overseeing and administering trusts, which may last for many years.
3. If there are beneficiary children who are minors, their share in the deceased's Estate will need to be held in trust on their behalf until they attain the age of 18 years or older if specified so in the Will.
Probate applications- what paper work and information is required:
1. The customary Will of the deceased.
2. The full Death Certificate of the deceased.
3. The date of birth and country of birth of the deceased.
4. The date of death and place of death of the deceased.
5. The work of the deceased as at the date of death.
6. Executor's work and full residential address.
7. either the deceased was married, living in a bona fide domestic relationship, was widowed, separated or divorced at the time of death.
8. either the Executor is aware of any other persons who may legally be entitled to a share in the estate or be manufacture a claim or contesting the Wife.
9. The full details of the make and model of any motor car owned by the deceased and appraisal of the value of same.
10. either the deceased was in receipt of any Centrelink (Social Security) payments, or benefits or any other pension either in Australia or overseas and either the Executor has notified these agencies of the deceased's death.
11. either the deceased had any accrued wage entitlements, holiday pay entitlements, long aid leave, seclusion or superannuation benefits accruing from date of death. (Superannuation does not fall into the estate but is ordinarily paid to the beneficiaries nominated therein, any way cost to any beneficiary is at the discretion of the Trustee of the Fund).
12. Full details relating to any shares held by the deceased, inclusive of the name of the company with whom the shares are held, the number of shares held, and the Srn numbers of the holdings.
13. Full details relating to any life assurance policy over the life of the deceased. Proceeds of life assurance do not fall into the Estate but are paid to the beneficiary nominated therein.
14. Full details of all debts owed by the deceased at the time of death.
15. Full details of any other investments, bank accounts or other assets held by the deceased. All bank accounts will be frozen by the relevant practice once they have been notified of the death, with the exception of cost of funeral expenses. The bank will publish these funds upon provision of a tax invoice from the funeral parlour. Any funds which may be withdrawn from the deceased's inventory after death, with the exception of funeral expenses, will need to be repaid to the Estate by the someone who withdrew the funds.
16. Full details of any real estate owned in Victoria or elsewhere by the deceased. In the event the property is owned with other someone as a joint proprietor, then the property does not fall into the estate of the deceased, but automatically passes to the surviving proprietor. If the property is owned by the deceased solely or as a tenant in base with other person, then the property does fall into the deceased's estate. A current shop appraisal of the property from a local real estate agent should be obtained, so that the value of the property can be accurately recorded in the inventory of Assets and Liabilities. Legal and accounting advice should be sought on any capital gains tax implications on selling the property.
17. Full assurance details relating to any real estate owned by the deceased are required. It is foremost to ensure that any building assurance does not lapse whilst Probate is being obtained and the Estate is being wound up.
18. In the event a decision is made by the beneficiaries jointly that they wish to sell the real estate, the Executor should bear in mind when placing any property on the shop for sale that until such time as a Grant of Probate has been obtained and an Application by Legal Personal Representative has been lodged with the Land Titles Office, an Executor will not have the legal capacity to deal with the property. In the event of a sale being secured prior to this occurring the Executor should allow enough time for Probate to be granted, when determining the village date. This can take some months depending upon the size and complexity of the estate.
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