When someone expires, it is essential to make sure that their dealings are brought to an end as the deceased cannot keep on holding property like bank accounts, real estate, shares, cash or furniture. Beneficiaries have to be paid superannuation, employment will have to be terminated and payments of pension have to be ceased.
It is the function of the Executor of the Will of the person, if the Will has been prepared, to take care of the estate of the deceased person. This comprises: (1) determining the deceased’s assets (2) making payments for any debts, memorial service and other operating costs (3) making disseminations to beneficiaries.
With the intention of performing these duties, a Grant of Representation possibly will be needed depending on the extent and nature of the assets that the deceased left. If an Administrator or Executor is needed to confirm title to assets in the deceased’s name, it will be required to produce the Grant. If real estate was owned by the deceased, the Registrar of Titles will need a Grant. However, if all of the deceased assets are kept in joint names a Grant will not be needed because the joint assets mechanically pass to the survivor.
In certain condition, estates are administered in an informal way without a Grant. Certain organizations like banks and insurance companies may discharge money without a Grant if the amount kept in the deceased’s name is minimal and there is no difficulty.
Grants of Representation
A Grant of Representation is a document which is issued under the Court seal that allows those called Administrators or Executors to handle the deceased’s assets. It enables the deceased’s funds kept in banks, managed funds etc. to be collected, property t be transferred or sold and debts to be tied up. The Grant gives evidence that the named person is authorized to deal with the deceased’s estate.
There are four kinds of Grants of Representation that the Court issues:
- Probate – it is the process of formally proving the legality of a Will as the deceased’s last Will probate will be granted where the last Will of the deceased is verified by one or more Executors named in the Will.
- Letters of Administration with the Will annexed – it is granted where a valid Will has been left by the deceased but the named Executor will not apply for a grant. The individual who has the maximum proprietary interest under the Will, or if there are numerous persons evenly entitled to a Grant, the person who applies first will get the Grant.
- Letters of Administration – in cases where a person expires without having a valid will the Court issues a Grant of Letters of Administration, normally to the deceased’s next of kin.
- Limited Grant – it may be issued where the property has to be administered immediately and legal proceedings about the Will or the deceased’s property are pending.
Estate Administration could be a lengthy and prolonged task and it is important that proper advice is looked for from experienced legal and accounting advisers. If you need legal advice, please contact deceased estate lawyers Perth by phone or email. We at Deceased Estate Lawyers Perth are willing to help you.