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Dear wise folk.

Upon a death of a person.  What is the process involved/ time frame for the estate to be settled. Which authority is in control of it , etc

Edited by Merv
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1 hour ago, Merv said:

This isnt about contesting a will, just how it all unfolds with 3 siblings as the executor.

It depends. Can take up to 6 months (maybe more) to sell shares etc. Pay outstanding bills and do a tax return.

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2 hours ago, Oompa Loompa said:

It’s fairly simple, get a lawyer.... lol

^ This.

Hopefully there's a decent will with clarity. The solicitor can walk you through how to go about properly selling the property and divesting the funds.

Leaving three siblings as executors is a departing punishment... If everyone's on the same page it should be fine but if you have disagreement it could be a nightmare.

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We did mums with 2 of us - both on the same page so that helped.  Lawyer held the will in Tassy and I dialled in when he read it, only my sister and me, others didn't have a need to hear it.

We had a property to sell as well - just engaged a Realestate agent - all monies controlled through  the  lawyers trust a/c set up.  Had a few funds as well which they arranged to do.

Had a year in Tassy to do it

Get a lawyer

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16 hours ago, trinube said:

^ This.

Hopefully there's a decent will with clarity. The solicitor can walk you through how to go about properly selling the property and divesting the funds.

Leaving three siblings as executors is a departing punishment... If everyone's on the same page it should be fine but if you have disagreement it could be a nightmare.

Not exactly the Hallmark family unfortunately.   I would rather go without, if it was going to affect my well being.

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On 24/07/2019 at 7:16 PM, trinube said:

Leaving three siblings as executors is a departing punishment... If everyone's on the same page it should be fine but if you have disagreement it could be a nightmare.

Disagree. For any family to disagree on a Will is mind blowing. 

Ps: There will be 4 executors on my parents whenever that may be. Families should be able to march to the same beat.

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5 minutes ago, IronmanFoz said:

Disagree. For any family to disagree on a Will is mind blowing. 

Ps: There will be 4 executors on my parents whenever that may be. Families should be able to march to the same beat.

I hope it's a long way in the future, but I can't see my family disagreeing on my Mum's will. My wife's family however will be WW3 when that finally comes around.

Unfortunately not all families get along, especially where care of parents or money is concerned.

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I was executor to my aunty. She had a great solicitor. We completed everything in terms of requirements. It took 4 months to finalise, including sale of her unit. It was split between three of her husbands kids (aged 65 +) and her three sisters (70 +).

FM

 

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23 minutes ago, IronmanFoz said:

Disagree. For any family to disagree on a Will is mind blowing. 

Ps: There will be 4 executors on my parents whenever that may be. Families should be able to march to the same beat.

It would be nice to think that but it's amazing how things change when money is involved. I've seen it first hand with my cousins.

When my mum died she made me the sole executor. My (older) sister was fine with that and I knew mum would want everything split 50/50. We agreed on everything and it was just a matter of instructing the solicitor.

My cousins on the other hand, were taking each other to court and tens years later still don't talk.

 

16 minutes ago, Ex-Hasbeen said:

My wife's family however will be WW3 when that finally comes around.

Unfortunately not all families get along, especially where care of parents or money is concerned.

Yeah, my wife's will be the same. I've already told her I don't want to be involved. We don't need the money and I'd rather go without the drama.

Edited by trinube
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3 hours ago, IronmanFoz said:

Disagree. For any family to disagree on a Will is mind blowing. 

Ps: There will be 4 executors on my parents whenever that may be. Families should be able to march to the same beat.

Gotta have your head stuck in the sand to believe this.

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  • 5 months later...

 Know of one incident involving 3 executors where one of the executors is a resident in the estate and wont give it up.  Has gone as far as trying not to have the Will administered and hiding the details of the law firm involved.

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  • 9 months later...

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