The trust deed for a family trust is an essential trust document. If the original trust deed is lost, misplaced or accidentally destroyed, this can lead to negative financial and tax consequences as Binay Prasad, Accredited Specialist (Wills & Estates) explains.
If you have been left out of a Will in Victoria, there are two key claims that can be made: a claim to invalidate the Will, or a Part IV claim, which claims that the Will Maker (Testator) has not made adequate provision for a person whom they had an obligation to provide.
The person(s) who intend to apply for a Grant must advertise their intention to do so for a period of fourteen days, on the Supreme Court website. At the end of this fourteen day period, an application for a Grant can then be submitted to the Supreme Court via their electronic filing system, RedCrest Probate.
Yes, an Executor of a Will can also be a Beneficiary. In fact, it is very common for an Executor to be a Beneficiary. Most usually, spouses appoint one another as their sole Executor and Beneficiary. Circumstances may arise however, which make it best not to appoint an Executor who is also a Beneficiary.
A grant of representation is the legal document issued by the Court which enables an executor or administrator to deal with a deceased person's assets.In most circumstances, without a grant of representation, you will not be able to deal with any of the deceased person's accounts, sell or transfer their property or ensure their debts are paid. There are three main types of grants, being a Grant of Probate, Letters of Administration and a Grant of Representation.
A grant of representation made by a court outside of Victoria does not automatically carry the same authority to deal with assets situated in Victoria compared to a grant that is made in Victoria. However, the Administration and Probate Act 1958 (Vic) (‘Act’) provides for the acceptance of grants of representation made interstate and in specific overseas jurisdictions. This process is known as resealing.
Issues with executors may arise if there are any disagreements in their ability to carry out their duties in the administration of an estate. The role of an executor (or administrator) is often open for dispute, whether between co-executors or between executors and beneficiaries.
