Coutts Lawyers & Conveyancers is a powerful female-founded law firm with a core value system that puts people first. Our reputation as the legal business of choice in New South Wales is recognised by our many awards.
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A will is a legal document that specifies how you wish your assets and liabilities to be distributed following your death.
ENSURING YOUR ESTATE IS IN SAFE HANDS
We are experts in Estate Administration, providing expert legal assistance to manage and settle estates effectively. Our team is adept at navigating the complexities of estate administration, ensuring a smooth and efficient process. We handle all aspects, from validating wills and distributing assets to beneficiaries to addressing any legal claims against the estate.
Kaisha Gambell Senior Associate
Reach out to Coutts Lawyers via our website, phone, or in person for a consultation on how we can help you secure your future.
Schedule and attend a meeting with a Coutts lawyer to discuss the specifics of your Estate matter and desired outcomes.
Rest assured, we’ll meticulously take care of all the legalities and processes involved in your Estate matter.
We understand how difficult it can be when a loved one passes away, so we offer a compassionate and reliable Estate Administration service to relieve some of the added pressure that comes with dealing with a loved one’s legal affairs.
When someone passes away with a Will in New South Wales, the person or persons who are appointed as their Executor are responsible for administering the estate. This involves arranging the funeral, paying any debts of the person, collecting or selling the estate assets and distributing the estate to the beneficiaries that are nominated in the Will.
Part of an Executor’s job is to consider whether a Grant of Probate is needed from the Supreme Court of New South Wales. A Grant of Probate is where the Supreme Court of New South Wales formally authorises the Executor to deal with the estate assets. There is no statutory requirement for an Executor to obtain a Grant of Probate in every case, and whether it becomes a requirement will depend on the type, size and value of the estate assets which are in New South Wales.
When someone passes away without a valid Will in New South Wales, then they are said to have died “intestate”, and the administration of an intestate estate is a much more complicated process. Because there is no Will, there is also no Executor or beneficiaries. The law in New South Wales applies a hierarchy to determine which of the person’s next-of-kin are entitled to the majority of the estate, and therefore able to apply to be appointed as administrators of the estate.
As an Executor must apply for a Grant of Probate, the next-of-kin in an intestate estate may be required to apply for a Grant of Letters of Administration from the Supreme Court of New South Wales. A Grant of Letters of Administration is where the Supreme Court of New South Wales receive evidence of the person’s family members and formally authorises the next-of-kin relative or relatives to deal with the estate assets. Again, whether a Grant of Letters of Administration becomes a requirement will depend on the type, size and value of the estate assets which are in New South Wales, but it is much more commonly required for intestate estates.
The Wills & Estates Team at Coutts works with you to consider whether a Grant of Probate or Letters of Administration is required and to efficiently finalise the administration of an estate by paying all debts and collecting or selling all the assets of a deceased person. The Team will take care of the legal process involved with obtaining a Grant of Probate or Letters of Administration from the Supreme Court of New South Wales to provide you time to be with your family.
The bank account of a deceased family member will be automatically frozen from the time that the bank is notified of the death. If the bank account of a deceased family member was held in their sole name, then the process to close the account will depend on how much money remains in the account and the terms and conditions of the particular bank or credit union.
Some banks and credit unions will be satisfied to release the money held in the bank account to the Executor of the estate upon being provided with a copy of the will, death certificate and suitable identification from the Executor. However, this is normally only the case where the amount of money held in the account is less than $50,000 or some other threshold set by the bank or credit union.
Where the amount of money remaining in the bank account is over the bank’s threshold, the bank will require the Executor or next of kin to provide a copy of the Grant of Probate or Letters of Administration from the Supreme Court of New South Wales before the funds are released and the account is closed.
If the deceased person holds the bank account jointly with another person who is still living, then the bank account will not automatically freeze and will transfer into the sole name of the surviving account holder. Normally the bank will require the surviving account holder to provide a copy of the death certificate to change the name on the account. No monies will therefore be able to be withdrawn from the account from this time without the authority of the executor if there is a will or next of kin if there is no will.
In New South Wales, the process for selling or transferring the property of a person who has passed away depends on the way that property was owned.
In New South Wales, there are three ways that people can own property:
As there are different ways that people can own property, it automatically follows that there are different ways to transfer the property into the new owner’s name. Property is transferred as follows:
Because the concept of survivorship applies to property that is owned this way, it is a much simpler process than the others. Even though the property automatically passes to the survivors, the surviving owner is still required to complete a form and provide certain documents to the land title’s office to officially remove the deceased person’s name from the title.
In New South Wales, the surviving owner will need to prepare and register a document called a “Notice of Death” on the online conveyancing system PEXA. This electronic transaction records the surviving joint tenant as the sole owner of the property”.
The right of survivorship does not apply to property owned by a person in their sole name or as Tenants in Common with other co-owners. Instead, the property forms part of the deceased person’s estate, and how the property is transferred will depend on whether the deceased person has a valid Will.
Where there is a Will, the executor will need to apply for a Grant of Probate from the Supreme Court of New South Wales before they are legally permitted to transfer or sell the property. It is only once Probate has been granted that the executor will be able to arrange for the property to be transferred into the names of the beneficiaries or sold on the market.
Where there is no Will, the next-of-kin relative or relatives who have the greatest interest in the estate in accordance with the legal hierarchy will then be required to make an application to the Supreme Court for a Grant of Letters of Administration and become the “Administrator” of the estate. It is only once the Letters of Administration have been granted that the Administrator has the legal authority to transfer or sell the property. The beneficiaries of the property or the proceeds of the sale of the property will depend on the rules of intestacy under the Succession Act (NSW) 2006.
The legal requirements and time frames for transferring property after someone has passed away can differ greatly. Our Wills & Estates Team can help you understand the process and handle the transfer of the property with as few issues as possible.
Meet Kaisha, a Senior Associate at Coutts Lawyers & Conveyancers, and the head of our esteemed Wills & Estates Law team. With her wealth of experience, Kaisha’s blend of empathy and thoroughness not only helps her foster genuine connections with her clients but also cements her reputation as a top-tier authority in Wills & Estates law.
The Executor, appointed in the Will, is responsible for administering the estate, arranging the funeral, paying any debts, and distributing the estate assets to the nominated beneficiaries as per the Will in New South Wales.
When someone dies without a Will, they are considered to have died “intestate”. The law applies a hierarchy to determine which next-of-kin is entitled to administer the estate, and a Grant of Letters of Administration may be required.
To close the bank accounts of a deceased person, the Executor or next-of-kin must notify the bank of the death, and the procedure to release funds and close the account will depend on the bank’s policies and whether a Grant of Probate or Letters of Administration is required.
The process depends on how the deceased owned the property. If owned as Joint Tenants, survivorship applies, and the property passes to the surviving owner. If owned as Tenants in Common or in Sole Ownership, the property forms part of the estate and is transferred or sold as per the Will or laws of intestacy.
Coutts Lawyers can offer compassionate and reliable Estate Administration services, helping in handling the legal affairs of the deceased’s estate, obtaining necessary Grants from the Supreme Court of New South Wales, and ensuring efficient finalisation of estate administration.