My brother has appointed me the Executor of his Will. How difficult will it be for me to wind up his estate?
At Guardian Trust we are often approached in cases where a relative or friend is appointed Executor of an estate and isn't sure how to go about it. The degree of complexity of the estate administration process will largely be determined by the nature of the assets that make up the estate, the type and amount of debt that must be settled and of course, whether there will be any contentious claims or actions against the estate. Other factors which will determine how 'difficult' the estate will be for you to administer are the extent of your knowledge of estate administration and the time you have available to attend to the details of the process. Guardian Trust can act as an agent for you or as the Executor, in performing all the administrative duties and assist and advise you and the beneficiaries as required.
Recently, a family member passed away and there were a few surprises when her will was read. Some family members want to contest the Will. Can you explain the legal process and the approximate cost of doing this?
The process and cost of contesting a Will depends on the grounds on which the Will is being contested. There are two situations where a Will can be contested or challenged. The first is a claim that challenges a Will’s validity – for example, that it wasn’t correctly signed or witnessed or there is doubt over the mental capacity of the person making the Will at the time the Will was made. These claims are dealt with by the High Court. The second situation is a claim that challenges the contents of a Will. A number of laws provide for this such as the Family Protection Act, the Law Reform (Testamentary Promises) Act and the Property (Relationships) Act. The Family Court usually settles these claims although they may be referred to the High Court if the estate is of particularly high value or there are complex issues to be determined. If you decide to contest the Will in court, regardless of the claim, you will need to consult a lawyer. Depending on the lawyer's expertise, the hourly rate charged can vary between $200-$400 an hour. The complexity of the claim and the Will, will determine how many hours the lawyer will require. Court costs are normally deducted from the estate of the deceased however, if the judge deems the claim to be unrealistic, these costs might be passed on to those who are contesting the Will. Other costs to bear in mind are the emotional costs when dealing with sensitive issues, such as Wills, and the long-term impact it will have on the family involved. We recommend considering mediation between the various parties, to see if the issue can be resolved. Although lawyers will still need to be involved to ensure decisions made through mediation are made legally effective, it will usually be less costly than pursuing the claim in court. If mediation is not successful, there is also the option of Arbitration. This is quicker and cheaper than going to court but the parties will have less control over the final decision which is binding when made by an arbitrator.
How long does it take for an estate to be finalised?
The length of time it will take to administer an estate will depend on:
