Do you need assistance in managing the estate of a loved one?
Being asked to manage an estate is an honour, but for many people it can also be a significant burden – on time and on stress levels.
It demands specialist knowledge in a range of financial, tax, legal and estate-planning matters and it can be a lengthy and emotionally draining process.
That is where we can help. We’ll ensure that everything is managed professionally, diligently and as smoothly as possible.
Our services are completely tailored to your individual needs and they include:
- Paying the estate’s debts
- Lodging tax returns for the deceased and the estate
- Setting up trusts according to the terms of the Will
- Defending any claims or challenges against the Will
- Distributing the estate as directed by the Will
- Providing detailed statements of account once the estate has been distributed for the beneficiaries and co-trustees.
“Our plans are fully flexible and cater for all different requirements. Some of my clients want to maintain overall responsibility for the estate but simply don’t have the time to deal with the paperwork and practicalities. Whereas others, who are facing more complex situations, want a more hands-on approach from an impartial, independent Executor. It can be an emotional and challenging time and we are there to take some of the pressure.”
Fotini Mastrogianni, State Manager NSW
What can we do for you?
When you are appointed an Executor of someone’s estate you are responsible for:
- Arranging the funeral
- Cancelling driver’s licence, credit cards and memberships, mobile and internet providers
- Notifying banks, accountants and any relevant government departments such as Medicare and the Australian Tax Office
- Collecting, maintaining and protecting the Estate’s assets
- Preparing a list of all the Estate’s assets and liabilities and providing this to beneficiaries
- Identifying, locating and liaising with beneficiaries
- Applying for Probate of the Will
- Managing the Estate’s trust account and assets, pending distribution.
Failing to carry out these duties properly may result in losses that you could be held personally liable for.
If the Estate involves sizeable assets or complex structures – such as self-managed Superannuation funds, trusts, companies or family businesses – the task can become even more complicated.
We’ll ensure that everything is managed professionally, diligently and as smoothly as possible.
And all of this is at no personal cost to you as the professional fees come directly from the Estate.
Our Executor Assist service supports you in your role as Executor by undertaking the necessary steps in the administration of the Estate. You are in control of the service, so you decide which steps you want us to complete on your behalf. Losing someone you love is hard enough – let us administer the Estate so you can focus on your memories.
Meet Sarah, 59
“A couple of years ago, my mother Josephine, passed away. Years earlier, she had told me that she had made me Executor of her Will, but I hadn’t thought much of it until the time came to begin administering my mother’s estate. That time in my life was hard enough, as I struggled to come to terms with losing my mum, and the stress of acting as Executor started to take its toll. The list of tasks seemed huge, and Mum’s finances were in quite a complex state, including a large share portfolio, an investment property and some overseas assets. There were also some issues about how to split the estate equally between my siblings. My sister wanted to keep Mum’s house, and I was concerned this could cause a rift that would be hard to mend. When I realised that as Executor, I could be personally liable as a result of my actions or inactions, I decided to seek assistance.I spoke to an adviser about The Trust Company’s Executor Assist service. They explained the entire process, including my obligations and liabilities. They asked me how much or how little of the duties of an Executor I wanted to carry out. Because I was grieving and worried about my family, I asked them to take on almost everything, but I did want to go through Mum’s belongings myself. I spent a day with my sister in Mum’s house, sorting through keepsakes and sharing memories, and The Trust Company did the rest. They organised Probate, sorted out Mum’s financial affairs and put the house on the market. They then were able to provide me with tax advice as to the best way to split the assets.”
Meet David, 61
“I was 60 when my father, Jack, passed away. My mother was still alive, but Dad had named me as the Executor of his Will, so as not to burden Mum with the job. The Will was fairly simple, as Dad left his estate to Mum, and I felt comfortable about handling most of the administration. What worried me though, was how to get Probate. I was nervous that I’d get some of the legal aspects wrong, and then be personally liable, so I asked The Trust Company to help. They applied for Probate on my behalf, and kept me up to date with progress. Once it was done, they advised me that I could go ahead with my duties as Executor and administer the estate.”
We understand that not everyone will require the same level of assistance. Executor Assist is a tailored service that allows you to choose from a range of options, or to take the complete package. Fees vary according to the value of the estate, as well as the level of complexity.
Contact us to obtain an obligation-free tailored quote based on your unique circumstances.
The below example outlines the steps within each option and provides a price guide based on a simple and complex estate valued at $1.2 million.
- Simple estate – an example of a simple estate may include a family home to be transferred, a share portfolio with five common holdings and some term deposits with a total estate value of $1,200,000 that are to be distributed amongst three siblings
- Complex estate – an example of a more complex estate may include a family home wrapped up within company structures or trusts to be transferred to beneficiaries. It may involve overseas assets, a share portfolio with over 20 separate holdings with a total estate value of $1,200,000 and distributions to more than five beneficiaries.
|Simple EstateEstimated fee based on the above example||Complicated Estate Estimated fee based on the above example|
|Option 1 – Probate
This service includes:
|NSW: $4,932 (calculated at 85% of scaled fee of $5,802)
VIC: $3,610 (calculated at 85% of scaled fee for Probate of $1,595 plus verification work of $2,255)
QLD $2,300 (includes 85% of usual Probate fee of $942 plus verification work of $1,500)
|NSW: $5,802 (scaled fee)
VIC: $5,500 (calculated at scaled fee for Probate of $1,595 plus verification work of $3,905)
QLD $3,442 (includes usual Probate fee of $942 plus verification work of $2,500)
|Option 2 – Tax
This service includes:
|Estimated fee: $4,500||Estimated fee: $16,500|
|Option 3 – Administration
This service includes:
|Estimated fee: $5,500||Estimated fee: $16,500|
|Full Service Suite
Should you wish to engage us for the full Executor Assist service, we will pass the cost savings on to you.
|Discount of 10%||Discount of 10%|
All prices shown here are inclusive of GST.
These fees exclude out of pocket expenses such as title searches, ASIC searches etc.
Indicative pricing above does not include disbursements such as Supreme Court filing fees and statutory advertising costs.
For more information on our fees and charges, please see our Financial Services Guide.