Executor Services
Once a Grant has been granted for an estate, the administration can occur. This can be an intimidating prospect for many, especially when the estate is relatively large.
Our Executor services can help in the administration of the estate, helping ease your mind and distribute as the law requires.
Perth Executor Services
Once you obtain a Grant of Probate or Letters of Administration, the Executor/Administrator will need to administer the estate. What is needed to be done varies depending on what assets are in the estate and how the estate is to be distributed. Below are examples of the most common services we offer and our fixed fees.
Selling Real Estate
If you propose to sell the deceased's real estate and distribute the proceeds to beneficiaries, you will need a transmission application to transfer the property into the executor's name and appoint a real estate agent to market the property.
We can prepare and lodge the transmission application for $450 + GST plus the Landgate fee. For an additional fee we can work with you to appoint a real estate agent and sell the property.
Transferring Real Estate to a Beneficiary
If real estate has been left to a beneficiary you will need a transmission application to transfer the property to the executor/administrator and then a transfer from the executor/adminsitrator to the beneficiary.
We charge $450 + GST for the transmission application and $600 + GST for the transfer, plus the Landgate fees.
Survivorship
If real estate was held by the deceased as joint tenant with another (common in married couples), that property is not part of the estate but passes to the surviving joint tenant.
We can prepare and lodge this application for $450 + GST plus the Landgate filing fee.
Share Sale
If the deceased owned shares, these will either need to be sold or transferred to the relevant beneficiary.
Our fee for this depends on the number of shares and whether they are being sold or transferred to a beneficiary.
Vehicle Sales
As executor/adminsitrator you have the option to transfer the vehicle to a beneficiary or sell the behicle privately or to a car dealer. We can assist you with this process depending on which option you choose.
Closing Bank Accounts
If you had not done already, we will communicate with the banks to close the account and have the money deposited into our trust account for distribution.
Superanuation
Depending on the terms of the superannuation fund, the funds are distributed directly to death benefit nominees or into the estate. This can be complicated as the fund is required to comply with the terms of the trust deed and the various superannuation regulations.
Retired Living Accommodation Bonds
Once you receive the grant, we communicate with the retired living facility to release the bond into our trust account to be eventually distributed.
Perth Executor Services FAQs
The executor is responsible for managing the deceased person’s estate, including gathering and valuing assets, paying debts and taxes, and distributing the remaining assets according to the will. They must also handle any legal matters related to the estate, such as applying for probate.
Many providers will charge as a percentage of the estate whereas we charge per item on the asset and liability statement
The executor or administrator goes through and collects all of the assets into their own name, pays out the liabilities and distributes the balance to the beneficiaries in accordance with the will or Administration Act
You do not need a lawyer but their expertise in the area can take out the stress and make it a lot quicker to finalise. They can also take steps to protect you from personal liabilities to unknown creditors.”
The first step is the property needs to be transferred to the executor or administrator by way of a transmission application. It is then sold or transferred to the beneficiary. for us to prepare the necessary documents
If you have applied for probate of letters of administration then you have a duty to the estate to apply for the superannuation benefits for the estate account and not your personal name. The executor or administrator completes the claim form and provides that to the trustee together with a certified copy of the probate/letters of administration and identification documents
The time it takes to settle an estate can vary depending on its complexity. It typically ranges from a few months to over a year. Factors like the size of the estate, the need for probate, and any disputes among beneficiaries can affect the timeline.
Yes, an executor can be held personally liable if they breach their duties or fail to act in the best interests of the estate and its beneficiaries. It’s important for executors to seek legal advice and act diligently to avoid personal liability.
