What are the duties of an Executor?
Rod Genders is a senior Australian lawyer specialising in Wills and Estate Planning, Probate and Estate Administration, Trusts and Guardianship and Inheritance Claims and Contested Estates in South Australia. His boutique specialist law firm, which was founded on 1848, is one of the oldest and most respected in Australia. Rod is an international author and speaker. Rod is the 3rd generation of Genders in the law and has been practising specialised law since the mid 80’s. For over 10 years he served on the Council of the Law Society of South Australia and is a senior member of its Succession Law Committee. For 8 years Rod was a founding committee member of the South Australian branch of the London-based Society of Trusts and Estate Practitioners (STEP) and was the founding Chair of the international STEP Digital Assets Special Interest Group. For over 25 years Rod has chaired a private committee enquiring into the affairs of protected persons. He is a member of the Law Council of Australia, a member of the Notaries Society of South Australia and an associate member of the American Bar Association.
The Dangers of DIY Probate
In most deceased estates if you’re the executor of a Will, you will have to obtain a Grant of Probate from the Supreme Court of South Australia. This grant officially acknowledges that the Will is valid and that you have the right to carry out the administration of the estate.
The Grant is an Order of the Court which lets the world know that a particular piece of paper is the Last Will and Testament of a deceased person, which permits asset-holders like banks and share registries to transfer assets in the name of the deceased into the custody of another person (the executor named in the probated Will).
Obtaining a Grant of Probate is not a simple matter. You should get the assistance of an estate planning lawyer in Adelaide, and like do-it-yourself Will kits, DIY probate can be fraught with unforeseen complications.
Intestacy: The Hidden Risks and Costs of Dying Without a Valid Will
Perhaps you intend to create a Will but just haven’t gotten around to it, or maybe the size of your estate is such that you don’t think you need one. “Dying intestate” is the legal term for dying without a Will or leaving a Will that does not adequately deal with all of your property.
Intestacy is all but a guarantee that your loved ones will suffer a needlessly complex and expensive legal process after your death. Your best protection is to make your wishes known by consulting with a specialist Adelaide Wills lawyer at Genders & Partners.
Family Disputes and Costly Legal Battles
A Will dictates how your assets are distributed and names executors to lawfully carry out your wishes. Without a Will in place, you have no say in who inherits what. There are intestacy laws in every state and territory of Australia that determine the distribution of assets among your nearest blood relatives, but your loved ones may dispute the process and cause drawn-out legal battles, the costs of which are deducted from the estate. These state laws vary from time to time and from place to place, so the precise formula which decides who will inherit your assets depends on when and where you die.
