Being an executor or administrator of a deceased estate is complex and comes with significant, and often under-estimated responsibilities. An executor can be held personally liable if they make a mistake – even an innocent one.
Many executors take pride in being able to attend to the loved one’s affairs. However, there are plenty of good reasons to engage professional help from a lawyer experienced in succession law.
1. Getting it right
On many occasions we see executors simply getting it wrong. From small mistakes in record keeping, to potentially devastating mistakes like failing to keep estate property insured. Obtaining professional help early will help you to identify what needs to be done, the correct processes and the risks to mitigate.
2. Recording the proper information
Often, record-keeping is the last thing on an executor’s mind. However, one of their fundamental duties is to promptly produce accounts and supporting information to the beneficiaries. We have seen on many occasions the executor having failed to keep proper records. A time-consuming and expensive task then ensues of attempting to reconstruct the finances of the estate from incomplete records. Worse still, an executor can be left out of pocket as they are not able to properly justify their claims for reimbursement.
3. Speed
An underappreciated advantage of engaging a succession lawyer to help is that they can speed up the process of administering an estate. While their help comes at a cost, if you can finalise the estate even 6 months earlier than you would otherwise, it is usually a cost worth incurring. A more efficiently concluded estate can reduce the overall cost and allow quick distributions to beneficiaries, reducing the chances of a dispute.
4. Opportunities for savings
Lawyers experienced in administering deceased estates can identify potential opportunities for savings, be it tax savings, negotiating the reduction of inflated estate debts and referrals to reasonably priced contractors. One example is structuring agreements between beneficiaries in particular ways to minimise transfer duty implications. Such strategies can often be a significant saving to the estate or its beneficiaries.
5. Navigating disputes
Deceased estates involve high emotions and can bring out family disputes ranging from minor to draining Supreme Court litigation. A lawyer experienced in deceased estates can help you navigate these issues, assisting you to resolve them before they get out of hand.
Managing a deceased estate is a responsibility that can be overwhelming, especially during a time of grief. By engaging professional help, you can ensure that the process is handled efficiently, accurately, and with minimal stress.
We can help with administering an estate – from handling the entire process on your behalf or assisting you with specific tasks. If you need help – get in touch.
