Can an executor of a will have power to? Who is the executor of a will? What is the role of the executor in an estate?
If an executor refuses to prove the will , or renounces within six weeks of death , as may happen if a benefit enjoyed by the executor will be lost if the will is followed , then the other executors , if any, can apply for probate , or any interested party may apply for administration , with the will annexed. The person does not have authority to deal with the assets of the Will until the Supreme Court issues a Grant of Representation, unless the estate is small. This includes homes, cars, superannuation, jewellery, investments and home contents.
These must all be value secured and insured. This means the executor temporarily holds the estate for the beneficiaries and has a duty to them. This still applies even where, as is often the case, the executor is one of the beneficiaries. We take a look at the rights of beneficiaries of a will in Victoria. To apply for probate, you must be aged over and be an executor named in the will.
Where do I apply for probate? You apply to the Supreme Court of Victoria, but only if the deceased’s assets are located in Victoria. If there are assets in another location, you may need to contact the relevant court.
How do I apply for probate?
I have been appointed as an executor in a will, now what? The executor ’s role begins as soon as the person has passed away. As the executor , it’s now your responsibility to administer the person’s estate.
When you make a will, you appoint an executor. The role of the executor is to deal with your estate after your death. Executor of the estate.
Serving as executor for someone’s estate plans is a lot of work. It makes sense for wanting to be compensated. You have the power of attorney for the deceased persons estate. You need to handle their real estate, settle any estate tax, communicate with their loved ones, and hire a law firm for legal advice,.
This can include trusts set up for beneficiaries under years of age. These trusts need ongoing administration, often over many years. A Grant of Probate is effectively a document issued by the Supreme Court of Victoria which formally authorises an executor to manage the estate of a deceased person in accordance with their Will. An executor is the person or trustee company who will manage your estate after you die.
Your Will names the executor , and gives them power to deal with your estate in accordance with the terms of your Will. Your executor must follow the directions in your Will. When a person dies without a will then the legal personal representative is known as “an administrator”. An executor of a will also owes a duty of care to beneficiaries under the will, meaning they must always act in the best interests of the beneficiaries and not their own.
The payment to the executor is called a ‘commission’ and in Victoria, it cannot exceed per cent of the total value of the estate assets.
When a court considers whether an executor should be paid a commission it takes into account the work done by the executor as well as the responsibility and time involve often referred to as ‘the pains and troubles’. At this step, the executor also determines who inherits the property. Kristen is the Go To Court Lawyers’ State Civil Senior and the Succession Senior for Victoria, New South Wales and Queensland.
The Court will usually grant administration to the Beneficiary with the largest interest in the Estate. Hence, being named an executor of a Will is a much larger responsibility than many people realise. It is complex and demanding and requires an understanding of the law. In this article, we have summarised the roles and responsibilities of the position in order to help executors that are trying to make sense of it all.
Generally, the executor is someone named in the will by the deceased person and appointed by the probate court. If the will fails to name an executor , a court will appoint one on their own. An executor can be a family member, close frien or a professional such as an attorney or bank representative. This means that the law prevents you from acting in your own interest to the detriment of the estate. As an extension of this duty, executors also have several responsibilities to the beneficiaries of the will.
After you pass away, your executor has the general task of sorting out your finances. This task can include paying any of your outstanding debts and dividing your assets among your beneficiaries.