The sudden death of a parent or guardian is devastating. Being unaware of their net worth after their demise, that’s frustrating.
There is a way to overcome the frustration. Apply to become an administrator of an estate. How do you become one?
New South Wales has simplified estate administration. Its state’s succession laws specify all the requirements of an executor.
Becoming an estate’s executor as a next of kin starts by verifying your eligibility to be one. Next, familiarise yourself with New South Wales’ succession laws.
With this knowledge, you’ll understand what you need to do as an administrator. Once you understand, submit application forms for estate administration to the Supreme Court.
Here’s what you need to know:
In New South Wales (NSW), dying intestate means a person dies without leaving a will.
To become an executor, you have to meet the following conditions as the remaining relative seeking to administer the estate:
|Age||Legal age of 18 years and above.|
|Citizenship||Must be an Australian citizen. Provide supporting documents like a birth certificate.|
|Relationship with the deceased||The state gives first-hand consideration to a surviving spouse or next of kin. |
If none of them is interested in becoming an executor, they can submit written waivers declaring this.
Estate administration is not a walk in the park. Your responsibilities include:
Familiarise yourself with the state laws of New South Wales on wills and estate administration. The laws appear in the Succession Act of 2006.
Find all the intestacy rules on eligible relatives in Chapter 4 of the Succession Act.
The amended version of 2009 describes eligible members as spouses and other relatives.
Specify eligible beneficiaries using relevant documents that declare their relationship with the deceased. Documents can include birth, marriage and adoption certificates.
A spouse is eligible if they meet the following criteria.
De facto relationships are controversial. If you are not sure of the spouse’s eligibility as a de facto partner of your deceased parent, you have a right to know the following:
The two individuals had a genuine domestic basis as de facto partners if it’s yes to most or all the questions.
When administering the estate:
When it comes to other living relatives, the succession laws apply as follows. Note that you exhaust the priority list as soon as you find legitimate relatives.
All adult children receive equal distribution according to the intestate succession state law. In the case of minors, appoint a guardian who will manage the assets until the child becomes of legal age.
If the deceased’s children have already passed away but they had children, they’ll be the ones who receive the assets. Great-grandchildren receive the remaining assets if their parents (grandparents) passed away.
The deceased parents inherit an equal share of the estate if the deceased lacked a spouse and children. If only one parent is alive, they become the sole beneficiary of all the assets.
Divide equal sizes of the estate to both full and half-siblings if all other members have passed away.
Grandparents inherit if the deceased lacked a spouse, children, parents or siblings. Both grandparents will receive equal shares if still alive.
In the intestacy rules, these relatives are the second last to receive the estate. If either of them is deceased, the others inherit the estate.
Only distribute to the first cousins of the deceased if all the other legitimate relatives have passed away.
The state of New South Wales can act as the sole beneficiary to an estate if the person died intestate and lacked a next of kin.
Once eligible to become an executor, you need to obtain Letters of Administration. In a nutshell, these serve as the court order which permits you to administer the estate. Obtain them from the Supreme Court of New South Wales.
The complexity of the application process changes from person to person. Required information and forms to fill in vary depending on individual circumstances.
After 2 weeks, if no will has surfaced, you can file all the required paperwork for the letters of administration.
Follow the same probate process if there was a valid will. In such a case, you’d be issued a grant of probate.
Before you can begin estate distribution,
Seeking to become an administrator doesn’t have to be daunting. At MDV Family Lawyers, we pride ourselves on years of experience in handling countless estate planning legal cases.
We answer all your questions about wills and estate administration. Call us or book your appointment online to get legal advice from our professional staff.