It allows the assets of the deceased (bank accounts, managed funds, shares or real estate property) to be closed, sold or transferred into the name or names of the beneficiaries, in accordance with the Will.
A Grant of Representation is required when there are substantial assets in the deceased person’s sole name - for example, real estate, accommodation bond with an aged care facility or bank accounts or shares over a certain value (the threshold varies with each institution).
Any jointly held assets pass to the surviving owner without the need for a Grant of Representation.
A Grant of Representation must be provided to the aged care facility in order to claim the RAD. When a resident dies the RAD is then required to be refunded to the estate 14 days from the receipt of the Grant of Representation.
Contact us for a 'deceased estate checklist' to get the process underway.
Once a Grant of Representation has been obtained, it is the role of the executor (Grant of Probate) or administrator (Grant of Letters of Administration) to:
The administration of an estate can be complex, and some estates can take years to be finalised - for example where testamentary trusts are established under the Will for children or grandchildren of the deceased, or where a life interest in an estate asset is granted to a beneficiary. It is therefore essential that the right advice is sought from skilled legal and accounting advisors.
Our wills, estates and probate lawyers are located at both our Melbourne office and our Mount Waverley office, a South Eastern suburb of Melbourne.
Visit our law firm for more.