NSW Trustee and Guardian is the Executor
If we are appointed as executor, we provide a personal, professional and impartial service to legally administer the estate and carry out the decisions made in the Will.
What is the role of NSW Trustee and Guardian as Executor?
As the Executor, we will:
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make an application for probate
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arrange the burial or cremation (including payment)
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review the estate
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collect, preserve and invest the assets
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pay all debts
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consult with and seek the views of beneficiaries and keep them informed of the administration progress
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undertake any legal proceedings necessary to collect in estate assets or defend claims where appropriate, such as for family provision, where an eligible person asks for a share or a larger share of the estate
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distribute the assets to the beneficiaries
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deal with all taxation requirements relating to a deceased estate.
What is an estate?
An estate comprises the assets and liabilities of a person who has passed away.
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Assets – the person’s real estate or personal property, such as house, car, boat, shares, money, jewellery or pets.
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Liabilities – any debts that the person had before they passed away, especially any money owed.
If the estate has more liabilities and debts than assets, it is known as being ‘insolvent’ and declared bankrupt.
In this instance, special rules will apply to how it is administered.
Certain assets, such as life insurance proceeds, are generally protected from being used to pay these debts.
Definitions
- assets
All of a person’s property including real and personal e.g. bank accounts, realty, shares in companies, cash etc.
- beneficiaries
People, charities and organisations who you decide will receive or benefit from your estate when you pass away.
- Assets
All of a person’s property including real and personal e.g. bank accounts, realty, shares in companies, cash etc.
Frequently asked questions
What is our process to administer a deceased estate?
Our process to administer a deceased estate is as follows:
Requesting the death certificate | A death certificate is required before any formal process can start. This is for privacy and security purposes to ensure that any assets are safeguarded and only dealt with after a person has passed away. Generally, this is provided by the immediate family. |
Confirming the Will is valid | We confirm the Will is the most recent and valid Will. |
Confirming entitlement (when there is a will) | We confirm the beneficiaries who are entitled to receive any benefit from the estate. |
Contacting the beneficiaries | We contact all beneficiaries to explain what is involved and discuss issues that might affect the estate, the administration plan and timeframe. This will all be confirmed in writing. We will continue to keep beneficiaries informed throughout the process. |
Deceased Estate Information form |
We provide a Deceased Estate Information form to the family (or beneficiaries) to complete – this provides an overview of the most current asset and debt details that you’re are aware of. >> Download our Deceased Estate Administration Form |
Getting court approval | We apply to the Supreme Court for a grant of probate. This gives us approval to deal with the assets of the estate. |
Confirming assets | We contact all asset holders such as banks and other financial and government organisations for full details of what the estate owns and owes, and arrange for assets to be transferred as well as undertaking valuations and appraisals if required. |
Protecting the assets | We ensure any assets are protected by insurance and manage them until the estate is ready to be distributed. |
Paying taxes and debt liabilities | Before the estate assets can be distributed, we will manage payment of all tax and debt liabilities, and other expenses. |
Selling and distributing assets | We will manage the sale and distribution of any assets remaining after all liabilities are paid. |
Finalising the estate |
When we have finalised the estate, we will prepare a final statement for beneficiaries, that includes details relevant to their entitlement, and we will store the estate records. |
How long does it take to distribute the deceased estate to the beneficiaries?
Timing depends on how complex the estate is and other factors, including:
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how long it takes to sell assets such as real estate
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if anyone contests the Will
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locating any missing beneficiaries.
Under NSW law, it is recommended that an Executor should not distribute an estate any earlier than six months after the date of death (and 30 days after a ‘Notice of Intention to Distribute’ is published).
Most estates are finalised within 9-12 months, however, it may take longer if:
- there are complex issues
- the Will is contested
- an entitlement in the estate needs to be determined (for example, if there is no Will).
Your client service team will keep you informed of any unexpected delays that may occur.
What fees do we charge as Executor?
Our fees are set by regulation, and are explained and agreed with the person who made the Will and appointed us as their chosen Executor.
These fees cover the work performed by us to:
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apply and receive a grant of probate or administration
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ascertain and collect the estate assets
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invest, sell, insure, protect and distribute the estate.
Executor fees are charged on the value of solely owned assets in the estate.
Joint assets, such as bank accounts or a house, will not attract an executor fee from us.
Executor fees are paid and deducted from the deceased estate.