ESTATE ADMINISTRATION
Estate Administration typically facilitates the release of the assets of the estate and the subsequent distribution of the estate to the beneficiaries as per the Will. The administration of an estate may typically require:
- The transfer of real property
- The transfer of shareholdings and personal property, such as vehicles or jewellery
- The release of assets from financial institutions such as banks to the estate
- Collection of any debts owing to the estate, including loans payable to the deceased
- Management of any Will challenges or other legal matters outstanding against the deceased
- The bequeathing of specific gifts to beneficiaries that are listed in the Will
- The distribution of the residual estate to beneficiaries as per the Will.
The administration of an estate can involve some complex legal issues concerning preferences of payments and the timing of distributions. It is therefore vital to ensure that the executor is indemnified by the estate prior to undertaking any distribution.
EXECUTOR COMMISSION AND REMUNERATION
An executor may apply to the court to be remunerated for their services as an executor. This is referred to as executor commission. Executor commission is usually calculated as a percentage of the size of the estate. Executors who are professionals may be able to be compensated at their usual professional rate.
CONTACT RAMSDEN LAWYERS
If you are navigating the complexities of estate administration, our Wills and Estates team is here to support you every step of the way. Contact us today for personalised assistance tailored to your unique needs.
