Dealing with the will or administering an estate can be overwhelming, especially when you are grieving. You are unsure where to start and what your responsibilities are.
If you’re facing the same problem, you need professional help. This guide will help you overcome confusion.
First steps if you are a newly appointed executor
If you have been named an executor of the will, take a deep breath. You have an important role to play, but you still haven’t figured it out at all. Here’s a simple checklist to get you started.
- Find the will by locating the original signed will. Look for updates known as the codicils.
- Obtain the official death certificate and get the paperwork done.
- Check whether you need probate. This usually depends upon the size of the estate.
- Start gathering information, collecting documents related to the person’s assets and debts, bank statements, property titles and loan documents.
As an executor, you’ll be dealing with the Supreme Court of Queensland, which has a clear process. The forms have to be perfect and even a small error can cause significant delays. This is where a trusted probate lawyer in Brisbane can save you time and stress.
Why should you hire a probate lawyer?
You might be wondering if you could handle this on your own. For a simple estate, you might be able to do so. However, if it’s otherwise, you need to hire a professional. Hire a lawyer if:
- The estate includes real estate, for example, a house in Brisbane, New Farm or the suburbs.
- The will comprises business interests, investments or shared portfolios.
- It’s hard to find the beneficiaries because they are probably overseas. There’s always a potential for disagreement.
- You’re short on time and don’t want to burden yourself dealing with banks and government agencies.
What does a probate lawyer do?
- They’ll prepare and lodge the entire probate application with the court.
- They draft legal statements and affidavits.
- Place all required legal advertisements.
- Deal with banks, title offices and other institutions on your behalf.
- Advise you on your duties and protect the estate if a dispute arises.
How long will it take?
- For the initial steps, you’ll be gathering important documents and instructions. This can take anywhere from 2 to 8 weeks.
- Court processing takes 4 to 8 weeks after the application is launched.
- It takes 6 to 12 months to finalise the entire estate because it involves selling assets, paying final taxes and settling all debts.
Understanding the costs
- Court fees and disbursements comprise fixed government filing fees and costs for things like advertising.
- Legal fees could be fixed fees, a straightforward grant, or hourly for complex cases.
- Additional cost of proper evaluations, accountants’ fees for tax returns, and search fees.
For the simplest estate, legal fees are low. Always ask for a clear estimate up front.
If you are a beneficiary with concerns
- The process is not only for executors. If you’re a beneficiary and something doesn’t feel right, consider getting your own legal advice.
- If you feel you have been left out of the will or received much less than you expected.
- You believe that the will is invalid and has been signed under pressure.
- The executor isn’t communicating or is mismanaging the estate.
Whether you engage a lawyer or not depends on how the estate is supposed to be divided. If the estate has a property, business, or complex assets, you might want to hire a lawyer. However, if the estate is straightforward, just cash in the bank, then you can be confident and organised.
If you’re still unsure about your next step, book a short consultation. An hour with an expert can help you spot hidden risk and give you the confidence to move forward.
