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Estate Administration
MMLaw are here to help Executors carry out the task of Estate administration, which can sometimes be complex and time consuming.
This essentially consists of ascertaining the assets of the Estate and realising or transferring them where necessary, paying the debts of the deceased, paying specific legacies, and then distributing the residue of the Estate, after payment of all debts and expenses, to the beneficiaries under the Will.
We cannot remove the pain of loss but we can facilitate a smooth and efficient administration of the Estate by attending to all necessary matters in an experienced and no fuss manner.
The Executor’s Role
There are several preliminary matters which need attention when acting as an Executor, namely funeral arrangements, location and scrutiny of the Will and ascertaining who will act as the Personal Representative / Executor or the Administrator (if there is no Will or no executor named in the Will).
The next step relates to preparation of an Estate Inventory, which is a statement of the assets and liabilities of the Estate. This information is necessary to enable the solicitor acting to advise on the administration of the Estate, i.e. whether a Grant of Probate is required and what the requirements of the various financial institutions are to enable the Estate assets to be called in and the liabilities paid.
Grant of Probate/Letters of Administration
Probate is a Grant issued by the Supreme Court giving the Executor/s of a Will authority to deal with the property (or Estate) of a deceased person. It proves that the last Will presented to the Court is the last Will made by the deceased person. It also allows the Executor/s to carry out the terms of the Will and distribute the deceased’s Estate according to the Will.
When the Grant of Probate is provided to assets holders (such as banks, share registries etc.) they are able to release or transfer any assets held by them to the Executor/s.
Call Christine Matsinger at MMLaw to ensure the wishes expressed in the Will are carried out.
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