Estate Administration is the term used to refer to the catalogue of duties of managing deceased assets and estate.
The settling of an estate can take anywhere between 6 months and several years depending on the size of the estate, age of beneficiaries, and whether any disputes arise whilst going through the settlement process.
Complexities can arise in estates due to terms of the Will, needs of beneficiaries, the way that assets are owned, and the conduct of the executor. Disputes commonly arise when the beneficiaries do not agree with the decisions of the executor.
To administer the estate and divide the estate assets it is necessary to obtain a Grant of Probate. Although there is no legal time frame it is generally expected this should happen within a year. Any longer and the beneficiaries can apply to the Supreme Court for an order compelling the executor to apply for Probate within a specified timeframe.
Generally, a person’s estate will comprise of the family home, investments, and personal effects. The family home can often be the main focus of disagreement when one or more family members wish to retain it and others want it sold.
When writing a Will most people will appoint a trusted family member, child, or relative as their attorney under a power of attorney. When the testator dies sometimes disputes arise if beneficiaries believe there have been unauthorised or unfair transfers of assets during the deceased person’s lifetime resulting in a reduction of the estate to be divided.
As people age, they become more reliant on trusted members of the family to assist them with general tasks, management of finances, and estate planning. A situation may occur where beneficiaries believe there has been undue influence or duress by the executor upon the testator to make their Will a certain way.
A Will kit or homemade Will can often be contested by beneficiaries as to its legality and whether it was properly witnessed.
For assistance with estate matters call the experienced team at Rose Jensen Kent Lawyers.
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