In Victoria, and in most states of Australia, the role of the executor is:
1. Organize or help with the funeral arrangements for the promised ones.
2. Determine where the left left a will and if so, where is the original document.
3. Determine the assets held by the deceased and any liabilities due at the date of their death.
4. Notify the following people of the death, although this task is often taken by family members:
• Accountant / Australian Taxation Office
• Banks and Other Financial Institutions
• Health Insurance / Health Insurance
• Electoral Office
• Vic Roads – Registration vehicle and refund of cancellation (if any) of the driver's license.
• Post Office
• Clubs and other organizations.
• Subscriptions to newspapers or magazines.
• Cancel the taxi card.
• Utilities – electricity, gas, telephone, municipal office (rates), water supply company.
• Veterans (if applicable)
5. Obtain a probate grant from the Victoria State Probate Office (if required). In some cases, obtaining a probate authorization will not be necessary and an experienced attorney in this area will be able to advise if this is the case.
6. Until the property of the estate is called and the debts of the estate are paid, the benefits of the will have no rights to the property of the estate, even if they are in their possession. specifically bequeathed.
7. Upon the liquidation of the estate, the executor is required to provide a precise statement of the amounts received and disbursed by the estate and to prepare a declaration of distribution reflecting that amount.
8. Upon the liquidation of the estate, the executor is responsible for preparing the receipts that must be executed by the benefits of the estate by acknowledging their rights in the estate.
9. The executor must perform his duties with all due care for the good and benefit of the benefactors and to ensure the protection of the interests of the beneficiaries, and in particular the interests of any minor child or children or disabled beneficiaries.
10. An enforcer has the obligation to avoid a position of conflict between his own interests and the interests of the estate in general and the interests of the beneficiaries in particular.
11. The executor must make arrangements with an accountant to obtain a tax file number for the estate and a tax return to prepare for the estate for the current fiscal year. The executor or his attorney or accountant must also contact the Australian tax office to ensure that a final tax return for (the discontinued) must be filed. In the case where the tax is considered payable, it will be considered as a debt of the estate and must be paid out of the proceeds of the estate, before any distribution.
12. Due to the complexity of obtaining probate, administration and estate liquidation, executors have a habit of appointing attorneys for Take care of all these issues on their behalf. The executor has the right to be reimbursed for all reasonable expenses that he has incurred with respect to the estate.
Role of the trustees: (it is normally the same person as the testamentary executor without the contrary will):
1. The role of the trustee is to ensure that the instructions of the deceased are respected in accordance with the will and will of the defendant.
2. This can range from the simple requirement to pay prescribed adult benefits after the payment of estate debts to the supervision and management of trusts, which can take many years.
3. If there are any beneficial children who are minors, their share in the estate of the deceased will have to be held in trust on their behalf until they reach the age of 18 or over. more if this is specified in the will.
Applications for Probate – Which Documents and Information are Required:
The original will of the deceased.
2. The complete death certificate of the deceased.
3. The date of birth and the country of birth of the deceased.
4. The date of death and the place of death of the deceased.
5. The occupation of the deceased at the date of death.
6. Executor occupation and full residential address.
7. If the deceased was married, lived in a domestic relationship in good faith, was widowed, separated or divorced at the time of death.
8. If the executor is aware of any other person who can legally be entitled to a share in the estate or make a claim or challenge the woman.
9. The complete details of the make and model of any motor vehicle belonging to the stated and estimated value of it.
10. If the fake has received payments from Centrelink (Social Security), or benefits or any other pension either in Australia or abroad and if the executor has not identified those agencies from the death of the deceased.
11. If the deceased had accrued salary entitlements, paid leave, long-term leave, pension or superannuation benefits accrued at the date of death. (The retirement pension does not fall into the estate, but is usually paid to the named beneficiaries, but payment to a beneficiary is left to the discretion of the trustee of the Fund).
12. All details regarding the shares held by the deceased, including the name of the company with which the shares are held, the number of shares held and the SRN numbers of the holdings.
13. All details relating to any life insurance policy on the life of the deceased. The product of life insurance does not fall into the estate but is paid to the designated beneficiary.
14. All details of all debts owed by the deceased at the time of death.
15. All details of other investments, bank accounts or other assets held by the deceased. All bank accounts will be frozen by the institution concerned once they have been notified of the death, except for the payment of funeral expenses. The bank will release these funds upon presentation of a tax invoice from the funeral home. Any funds that may be withdrawn from the deceased's account after death, other than funeral expenses, will have to be repaid to the estate by the person who has withdrawn the funds.
16. All the details of any property held in Victoria or elsewhere by the deceased. In the case where the property is owned with another person as co-owner, then the property does not fall into the estate of the deceased, but automatically passes to the surviving owner. If the property is owned by the deceased alone or as a tenant in common with another person, then the property falls into the estate of the deceased. An assessment of the current market of the property of a local real estate agent must be obtained, so that the value of the property can be accurately recorded in the inventory of assets and liabilities. Legal and accounting advice should be thought about all the capital gains tax implications on the sale of the property.
17. Full insurance details regarding any property owned by the deceased are required. It is important to ensure that any building insurance is not canceled during the acquisition of probate and that the estate is damaged.
18. In the event that the beneficial owners jointly decide to sell the real estate, the executor should keep in mind, when putting up for sale any property, until the obtaining of An Approval Grant and an Application by Legal Personal Representative has been filed with the Land Titles Office, an executor will not have the legal capacity to process the property. In the event that a sale is warranted before this happens, the executor should allow sufficient time for the probate to be granted, when determining the settlement date. This can take several months depending on the size and complexity of the estate.