How can Mason Westover Homburg Help You?
If you have been named as an executor in someone's Will, it means the deceased wanted you to administer his or her estate. It is a very responsible job but can be made considerably easier with the assistance of an experienced solicitor at Mason Westover Homburg.
There can be any number of executors named in a Will, though one or two is usually considered sufficient. If you are the sole executor, you may need the assistance of Mason Westover Homburg to deal with the legalities of the administration of the estate, particularly if there is a need to obtain a grant of Probate. Probate is an order of the Supreme Court of South Australia which 'proves' the will and gives the executor the legal right to administer the estate, and the help of an experienced solicitor at Mason Westover Homburg is invaluable to the executor.
Mason Westover Homburg serve clients in relation to Probate matters throughout South Australia, particularly Murray Bridge, Mannum, and the Mid Murray including Swan Reach, the Murraylands including Karoonda, Adelaide Hills, Meningie and the Coorong, the Upper South East including Tintinara and Keith and Lameroo and Pinnaroo in the Southern Mallee, as the region’s local solicitors and conveyancers.
If you are the executor/trustee of a deceased estate Mason Westover Homburg can
What are an Executor's Responsibilities?
In general terms, your duty is to take charge of the deceased's assets and property, see that debts and taxes are paid and finally to distribute the assets to the beneficiaries in the Will.
You will have to begin by finding out and making a list of everything the deceased owned or was entitled to. If the estate is to be divided between a number of beneficiaries, the assets may have to be valued. An experienced lawyer at Mason Westover Homburg can assist you as the executor in this regard.
Next you may have to apply to the Probate Registry of the Supreme Court for a Grant of Probate. When applying for probate you will need to sign a number of documents which an experienced solicitor at Mason Westover Homburg will prepare and which will include details of assets and liabilities.
What if the Estate is Small?
Banks, building societies and companies have varying rules which allow access to the deceased's assets, without a grant of Probate if the estate is very small. Mason Westover Homburg ascertain at what level the institution will insist on a grant of Probate before the executor can deal with the asset.
What do I do after Probate is Granted?
Once probate has been granted, the executor must, with the assistance of an experienced solicitor at Mason Westover Homburg, collect the deceased's assets and take steps to pay what the deceased owed. In view of possible liability for Capital Gains Tax it is important to find out the date and costs of acquisition of the deceased's assets.
Funeral expenses are to be paid first and there is a particular order in which any other debts must be paid. After funeral expenses are paid, the executor is entitled to claim any expenses relating to the administration of the estate before other debts are paid.
Once debts have been paid, assets are either distributed according to the terms in the Will or they are sold so that money can be divided among the beneficiaries. Mason Westover Homburg will attend to these matters for you, including arranging the sale of real estate and shares.
When and How are the Assets Distributed?
When all assets have been identified and, if necessary, sold to raise cash, and all debts have been paid, the remainder of the estate can be distributed to the beneficiaries.
The executor must prepare a distribution report and statement for the beneficiaries showing what the assets were, how much money resulted from any sale of assets and what expenses and debts were paid from the proceeds. As this is usually done through our trust account, Mason Westover Homburg will provide this for you.
Will I be paid for being an Executor?
You are entitled to apply to the Supreme Court for a commission for your work as executor. But if you are named also as a beneficiary in the Will the bequest will be presumed to be payment for your administration unless there are circumstances or something in the Will to overturn that presumption. You are of course entitled to be refunded for any out-of-pocket expenses.
If you do not want to be an executor (even if you earlier agreed to be one), you can renounce the executorship by signing a "Renunciation". Mason Westover Homburg can file it on your behalf with the Probate Registry of the Supreme Court.
What if there is no Will?
If there is no Will there will be no executor, as the deceased died 'intestate'. If you are a relative of the deceased, you can apply to the Probate Registry of the Supreme Court for Letters of Administration, and you will need the assistance of an experienced lawyer at Mason Westover Homburg to do this. Once granted, the Letters of Administration make you the personal representative of the deceased and you then proceed in much the same way as an executor with the assistance of Mason Westover Homburg.
There are rules laid down by law about how assets are to be distributed when there is no Will. Briefly, a surviving spouse receives the whole estate if there are no children, or all household belongings plus the first $10,000 of the estate and half the remainder if there are children. The children divided the other half of the remainder. Mason Westover Homburg can advise you regarding the various other possibilities.
Costs
Mason Westover Homburg charge to the executor/trustee of an estate is on a "fee for service" basis, (that is, for the work we do). Once we have a picture from your instructions of what is needed to administer the estate, we can usually give a reasonably accurate estimate of our fees. Other costs usually associated with a typical estate are the Probate fee and Lands Titles Office fees which are fixed by Government regulation.
In the event that a solicitor at Mason Westover Homburg is appointed to be an executor/trustee of an estate a commission may be payable in lieu of fees. The rate of commission is fixed by the Supreme Court and will not exceed 2.5% of the gross estate.
Contact Peter Homburg or Jim Mason for further information.
Mason Westover HomburgBarristers ~ Solicitors ~ Conveyancers4 First Street PO Box 221 Murray Bridge SA 5253Telephone (08) 8532 3288 ~ Facsimile (08) 8532 6073
