One of the more common forms of estate administration arises where a person has left a valid will, the executor is willing and able to act, and the estate assets do not require a grant of probate.
In some cases, asset holders may release funds without probate, particularly where asset values are modest. However, many institutions require a grant of probate before releasing assets, especially for larger bank accounts or other financial holdings.
Where probate is not obtained, asset holders may impose additional requirements before releasing assets. In some situations, it may be more efficient to obtain probate, particularly where there are multiple assets or institutions involved.
Another common form of estate administration arises where the executor named in the will is able to act, but a grant of probate is required.
An application for probate is made to the Supreme Court of Queensland. Probate confirms the validity of the will and authorises the executor to administer the estate.
Obtaining probate allows the executor to deal with the estate’s assets, as financial institutions and other asset holders will generally require a grant before releasing funds.
Where there is a valid will but the appointed executor is unable or unwilling to act, a grant of letters of administration with the will annexed is required.
This application is made to the Supreme Court of Queensland and is similar to a probate application. However, it requires evidence explaining why the executor cannot act and the appointment of a replacement administrator.
Once granted, the administrator manages the estate in accordance with the terms of the will.
Where all substantial assets are held jointly and pass by survivorship, and there is no anticipated dispute, estate administration may proceed without the need for probate.
For advice on estate administration in Queensland, please contact Peter Muller on 07 5574 0575 or peterm@qbmlaw.com.au, or Megan Hanneman at meganh@qbmlaw.com.au.
QBM Lawyers provide clear, practical guidance to assist in administering estates and managing associated legal requirements.
QBM Lawyers advises executors and administrators across all aspects of estate administration, from probate applications through to final distribution of assets.
(07) 5574 0111 | admin@qbmlaw.com.au | Mon – Fri, 08:30 – 17:00Estate administration is the process of managing and distributing a deceased person’s assets, paying liabilities and ensuring the estate is dealt with in accordance with the will or applicable laws.
Probate is a grant issued by the Supreme Court confirming the validity of a will and the authority of the executor to administer the estate.
No, some estates can be administered without probate, particularly where asset values are modest or assets are held jointly. However, many financial institutions require probate before releasing assets.
If a person dies without a valid will, an application for letters of administration is generally required, and the estate is distributed according to the Succession Act 1981 (Qld).
Letters of administration are court orders appointing a person to administer an estate where there is no valid executor able to act, or where there is no valid will.
Estate administration is the process of managing and distributing a deceased person’s assets, paying liabilities and ensuring the estate is dealt with in accordance with the will or
applicable laws.
Probate is a grant issued by the Supreme Court confirming the validity of a will and the authority of the executor to administer the estate.
No, some estates can be administered without probate, particularly where asset values are modest or assets are held jointly. However, many financial institutions require probate before
releasing assets.
If a person dies without a valid will, an application for letters of administration is generally required, and the estate is distributed according to the Succession Act 1981 (Qld).
Letters of administration are court orders appointing a person to administer an estate where there is no valid executor able to act, or where there is no valid will.
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©2024 QBM Lawyers. All Rights Reserved
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Liability limited by a scheme approved under Professional Standards Legislation.
©2024 QBM Lawyers. All Rights Reserved
Liability limited by a scheme approved under Professional Standards Legislation.
©2024 QBM Lawyers. All Rights Reserved