If you’ve been named as the legal executor in the will of someone who has just passed away, you’ve got a big job on your hands. You need to ensure that all the deceased’s wishes are carried out, the funeral is arranged, the bank and utilities companies are notified, and you’ll be responsible for protecting the interests of the beneficiaries. On top of all that, you need to fully comply with legal regulations. Read More
Our estate administration lawyers can help you:
- Settle debts and collect assets.
- Deal with claims
- Liaise with accountants, tax lawyers, and the court.
- Put in an application for a grant of probate or letters of administration to be sent out to beneficiaries.
- Advise on which parts of the estate are taxable and how tax reductions can be made (if at all).
- Acquire and distribute assets to beneficiaries included in the will.
- Offer guidance and clarity regarding your responsibilities.
In fact, if you instruct them to, our deceased estate lawyers in Melbourne can handle most of the work for you and ensure that it’s done quickly and with little room for error.
What Happens if I Fail to Administer the Estate?
If you’ve been assigned the responsibility of executor, it’s because your loved one had a lot of trust in you to carry out their wishes. While most executors fulfil their duties honestly, others fall short.
If you decide that you don’t wish to be the executor for any reason, you’re completely entitled to withdraw your appointment by signing a legal declaration. You must do this before you start doing any of the tasks or instruct a deceased estate lawyer to carry them out on your behalf. You generally will not be permitted to opt out of your obligation once you start administering the estate.
If you breach your obligations, you could be liable. Examples of common breaches include:
- Losing an uninsured asset that the testator allocated a beneficiary to receive.
- Financial losses occurred as a result of a delay in administration that was preventable.
- Not adhering to the conditions of the will & estate plans.
- Distributing assets too early before any claims have been settled.
Why You Need a Deceased Estate Lawyer?
Using the services of our estate administration lawyers can help prevent personal liability against you.
If a beneficiary thinks that you’ve been taking advantage of your position, they might decide to take legal action to remove you from the role. Allegations of executor misconduct are commonly based around:
- Using the deceased’s bank account for transactions that aren’t in the best interests of the estate or beneficiaries. All costs and debts must be recorded and accounted for.
- Moving into the deceased’s property for a long period of time.
- Threatening or intimidating beneficiaries.
- Not providing the correct documentation to reclaim expenses from the estate.
- Selling assets in the estate to friends, family, or associates.
- Deliberately causing prolonged delays.
Having the help and support of a legal team can help you to avoid allegations of foul play being made against you. We will ensure that we regularly update you with the progress of the administration of the estate so you can pass this information on to the beneficiaries and maintain a healthy and trusted relationship with them.
Let us take the strain and ease the load for you in this difficult time. Contact Velocity Legal for tailored advice and solutions. Read Less
