You are a resident of Australia and want to look at the Estate Laws. Australian Estate and properties Laws are quite perplexing and it also varies a lot. Australian Property law is a country based system of laws which are in tandem with regulation and prioritizing the rights, interest and legal responsibilities of individuals in context with things inherent to law or real estate. These things which comprise of “Property” or “Right” to possession or ownership of certain said property or land. The law orders or prioritizes rights and classifies property as either real or tangible, such as land, or intangible, such as the right of an author to their literary works or personal but tangible. Both parties’ rights are well-protected by each state’s’ laws.
Residential Tenancy Act
If you have Will then it is easier to deal with the deceased property as if you have Will, then the executor will be appointed and if there is no Will, then the deceased property comes under the laws of intestacy.
What is Estate and what part of property is included in Estate?
Estate is not referred to any particular part of the property but it contains all the properties, jewellery and other prized possessions, proceeds from the insurance policy, property hold by the individual and clothes. But the joint property which is shown on the papers is not referred as the Estate.
What is the role of executor?
There are number of key roles of executor and these are listed below:
If a person is chosen as an executor, it is considered both as honor and obligation and it is duty of an executor to carry forward the wishes of the deceased. It is passing of the property to the mentioned members and also arranging for the payment for debts and other payments.
Few main duties of the executor:
- Get an authorised copy of the Will – firstly, executor should have copy of the Will and read and understand it. After complete reading of the Will and it is duty of the executor to register in the Probate Court.
- Notifying to the banks and other government agencies of the demise of the decedent
- Filing of the inventory of the complete assets of the deceased
- Decide what kind of Probate is required
- Maintaining the property and distributing the assets accordingly
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