Foundations of heritage management
When a person dies and leaves assets in Victoria, Australia, it is common for the executor named in the will to oversee the administration of the estate. This means ensuring that the assets are distributed in accordance with the wishes of the deceased. However, to deal with the assets of the estate, the executor will need to obtain an authorisation of representation from the Supreme Court, unless it is a smaller estate. If the value of the estate is approximately A$113,000. The estate is referred to as a "small" estate and this figure is updated annually.
Duties of the executor of the estate
A will may direct that the estateExecutor. The executor of an estate can be an individual or a specialised entity, such as a law firm or a trustee company. The duties of an executor include:
- Identification and possible valuation of all assets
- Use of legacy funds to identify and resolve outstanding debts
- Submission of necessary tax declarations
- Purchase of life insurance
- Organise a funeral
- Apply for probate (must be 18 years of age or older).
Distribute assets as directed in the will. Any legal action to deal with or defend the estate. The executor usually works with legal experts, whose fees are paid from the estate's resources.
When a Will Has No Executor If there is no executor named in the will, the court will usually appoint someone called an administrator. This role is usually assumed by the primary beneficiary. The administrator assumes similar duties as the executor.
What is an authorisation of representation
This is a legal document provided by the Supreme Court of Victoria that authorises an executor or administrator to administer the assets of a deceased person. This authorisation confirms the individual's right to deal with components of the estate, including bank accounts, property and outstanding debts. The role of the Supreme Court in the administration of an estate The Supreme Court has the power to: Validate the legality of a will. Appoint executors or administrators. Oversee the administration of deceased estates. Challenges to a will must be resolved by the Supreme Court before the executor can proceed. The Court can also authorise the amendment or correction of obvious errors in a will. Types of Authorisations The Supreme Court issues four main types of authorisations for representation:
Probate - granted when the executor validates the most recent will.
Letters of Administration with Will - Issued if there is a valid will but no executor.
Letters of Administration - issued if there is no will or an existing will is invalid, usually in favour of the closest relatives.
Limited Powers of Attorney - provided when the scope of other powers of attorney is restricted, usually in relation to legal matters affecting the Will. The Importance of Seeking Legal Advice When considering obtaining a grant of probate, it is advisable to consult with the experienced law firm of Chua Hing Wai & Co.treat (to a meal etc)click hereLearn more, orContact usOffice. Address Level 2, 262 Queen Street, Melbourne 3000, Phone 96023988
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