02. Deceased Estates
When there is a formal will in place, and the assets in the deceased estate warrant it, a grant of probate is required from the Supreme Court of New South Wales to ensure that the personal legal representative is given the legal authority to administer the estate.
Executors and trustees appointed under a will owe a fiduciary duty to the beneficiaries of the estate and have legal responsibilities that can often be onerous, time consuming and overwhelming.
Engaging an experienced solicitor through Avid Law will ensure that you meet all of your legal obligations and take the stress out of lawfully administering the estate.
Avid Law is here to assist you from start to finish, offering valuable legal advice and insight from our years of experience in dealing with these types of matters.
Letters of Administration
If there is no will in place, a grant of letters of administration may be required from the Supreme Court of New South Wales to give someone the legal authority to administer the estate.
If there is no will, the person is said to have died 'intestate' and the laws of intestacy will determine to whom the assets of the estate are distributed. This area of law can be very complex and onerous on the people left to sort it all out.
Engaging an experienced lawyer to assist you to administer an intestate estate is crucial.
Informal wills are wills that do not meet the formal requirements of a properly executed will. These are usually wills that have been drafted by the testator personally, or an inadequately drafted 'will kit'.
The most common issue with informal wills is that they do not deal with all of the assets of the estate and result in a 'partial intestacy'.
Informal will are treated differently by the Supreme Court and often require a grant of Letters of Administration with the Will Annexed.
These matters are almost always complex and onerous for the people left to sort it out, They also usually cost the estate a great deal more money in legal fees to satisfy the requirements of the Supreme Court and ensure that the estate is lawfully administered.
Not all deceased estates require a grant of administration from the Supreme Court, however it is often advantageous for the personal legal representative to obtain one to ensure that the protection of the Supreme Court is obtained.
It is best to seek legal advice to ensure that the risks and benefits of obtaining a grant are considered before making this decision yourself,
If you are unsure if a grant of administration is required, contact Avid Law today for an obligation free initial discussion about your unique circumstances.