Probate and Estate Administration
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Probate and Estate Administration
Find out how Arrow White can help with your Probate and Estate Administration requirements
Probate and estate administration are legal processes that occur after an individual passes away, involving the validation of a will, identification, and distribution of assets, and the settlement of the deceased person’s affairs. These legal procedures in Queensland are regulated by a combination of common law and legislation, with the Succession Act 1981 serving as the main piece of legislation.
Executors and administrators are the two main categories of personal representatives in Queensland who handle estate administration. A deceased person’s will names an executor to supervise estate administration, and the Supreme Court of Queensland names an administrator to handle these tasks.
One of the first steps of estate administration is applying for a Grant of Probate in the Supreme Court of Queensland or Letters of Administration depending on the size of the estate. Both forms provide a formal authority for the named person or persons to administer the deceased’s estate.
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The Key Components and Estate Administration Include:
Identification of Assets and Debts: The estate administrator, often appointed by the court or designated in the decedent’s will, identifies and takes inventory of all assets owned by the deceased person. This includes real estate, bank accounts, investments, personal property, and any other holdings. Concurrently, the administrator identifies outstanding debts and liabilities.
Dealing with Creditors: Estate administrators are responsible for notifying creditors of the decedent’s death, settling outstanding debts, and managing creditor claims. This involves reviewing claims, negotiating settlements, and ensuring that legitimate debts are paid from the estate.
Distribution of Assets: Following the resolution of debts and expenses, the remaining assets are distributed to beneficiaries according to the terms outlined in the decedent’s will or, if there is no will, based on the laws of intestacy.
Tax Matters: Estate administrators address tax-related issues, including filing the deceased person’s final income tax return and managing estate tax matters, if applicable. This may involve obtaining appraisals for estate valuation and ensuring compliance with tax regulations.
Both probate and estate administration play crucial roles in facilitating the orderly transfer of assets and settling the affairs of a deceased individual. The complexity and duration of these processes can vary based on factors such as the size of the estate, the presence of a valid will, and the existence of potential disputes among heirs or beneficiaries. Seeking legal guidance during these processes can help navigate complexities and ensure compliance with legal requirements.
At Arrow White, our dedicated team of legal professionals excels in delivering comprehensive support for probate and estate administration. We set ourselves apart by providing thorough assistance to individuals and families navigating the intricate landscape of managing and settling estates. Recognising the unique circumstances our clients face, whether involved in probate processes or estate administration tasks, is fundamental to our practice. Whether you are overseeing probate proceedings or managing the distribution of assets, allow us to be your reliable legal representative.
Please contact our office on 07 3051 0800 or 1300 ARROWW for a free initial consultation today.
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