Estates

“ An owner has died. What should I do about the property title? - Land Titles Office FAQ Circular No 14 of 2017 Probate Practice and Procedure - Supreme Court of Tasmania ”

“ Wills, Powers of Attorney & Enduring Guardianships (TAS) Papers and Articles – Wills and Estates ”

“ Taking good instructions The use of precedent Retainer Instructions ensures that all important issues are considered, instructions which cannot be contradicted later are recorded, costs discussed and the scope of the retainer clearly defined. ”

“ Where the lawyer is to act for multiple parties – that is, a number of executors – it should always be pointed out that the lawyer cannot act or continue to act where there is a (material) conflict of interest between them. If relations between the clients are cordial – not always the case! – it is ... ”

“ ? Where there is no real property involved, there is no statutory requirement to obtain a grant. Most banks, financial institutions and share registries will not insist on a grant before releasing or transferring cash or securities if the amount concerned is relatively small; however, each ... ”

“ Funeral expenses In order to pay a person’s funeral expenses most banks will allow funds to be withdrawn from the deceased’s accounts before a grant is obtained. ”

“ An executor is a person, either an individual or a trustee organisation, appointed by the will to administer a deceased’s estate. If an executor survives the testator but dies without having taken out probate of the will, or is cited to take out probate but does not appear to the citation, or ... ”

“ Challenging a will questions its validity. Contesting a will questions the fairness of its provisions. ”

“ Any ‘unusual’ matter - for instance, name discrepancies in the will, assets held in another name and so on - should be addressed at the outset. Any issues of competency, including affecting medical conditions noted in the death certificate, should also be addressed at the outset. Depending upon the ... ”

“ Advertising A notice of intention to apply for a grant of probate must be published on the Supreme Court’s website at least 14 days prior to lodging an application for a grant. See rules 33 and 61 Probate Rules 2017 and Notice of Intention to Apply for a Grant or Reseal of a Grant. ”

“ A ‘reseal’ means to seal with the seal of the court of a second jurisdiction documents that evidence the grant of probate made in another jurisdiction. A reseal is necessary as the personal representative appointed by a grant in a foreign jurisdiction cannot deal with assets in Tasmania, although ... ”

“ An executor or trustee may apply to the court for a commission or percentage out of the assets of the deceased person, 'for their pains and trouble therein as shall be just and reasonable', not exceeding five per cent of the estate's assets, although in practice a full five per cent overall will ... ”

“ In practice the award of commission is usually agreed between the personal representative and the interested beneficiaries. The amount of commission is usually no more than 1-2% of the estate. It is discretionary and an executor seeking commission should be aware that the court may not award any ... ”

“ The steps for making an application for commission are outlined above. The entire procedure can take some considerable period of time depending on court requirements. The costs associated with any application should always be considered before filing. To avoid the costs associated with a formal ... ”

“ Depending upon the nature of the estate and the sophistication of the legal personal representatives, some executors may wish to deal with administration themselves, setting up an interest bearing estate account to consolidate funds before distribution, and so on. This will also be the case where ... ”

“ As a general rule all of the property of the deceased is available to pay the debts of the estate including funeral costs, other testamentary expenses and any other debts which have been incurred. The executor must not unnecessarily diminish the estate by paying claims they are not bound to pay and ... ”

“ Solicitor fees will vary according to the firm, the size of the estate, and according to the service being sought. There is no scale of legal fees for estate administration. Care needs to be taken at the outset to question the client to enable fees to be accurately estimated, as a number of matters ... ”

“ Executors and administrators alike should be aware of rule 607 Order for accounts Supreme Court Rules 2000 and the necessity to maintain complete and accurate administration records. In order to maintain complete and accurate account the executor should: ”

“ The executor should consider whether any actions are still on foot, in respect to which Stanford v Stanford [2012] HCA 52 is noted. Any orders or binding agreements made pursuant to the Family Law Act 1975 (spouses or de facto partners) or the Relationships Act 2003 (significant or caring ... ”

“ When finalising a matter it is important to terminate the retainer. This informs the client in writing that all work on the matter is complete and that no further work will be undertaken unless the firm is otherwise instructed. If the matter is finalised in such a way that the client retains rights ... ”