How being a nice person may finally do your wallet some good5-September-2019 Contested Wills By admin
Friends, Administrators, Executors, lend me your ears…I bring you news of good fortune and prosperity that may await you once your days of administering your loved one’s Estate are over.
Gone are the days of sighing with trepidation as you learn that you have been tasked with the seemingly impossible task of being the Executor or Administrator of the Estate of your deceased friend, loved one, client. Streeterlaw is here to inform you that the NSW legislation permits you to apply for commission for administering the Estate of a deceased individual, which is essentially an application that is made to the Supreme Court of New South Wales requesting that you be paid for your efforts in helping to administer the deceased person’s Estate.
There is quite a bit of paperwork involved, so we advise that you seek assistance from a Solicitor to help you properly complete your application. It is more complicated than just making a request for a cheque to be paid for all of your hard work. You will need to not only make an application for commission but also prepare a reconciliation of the Accounts of the Estate.
The documentation that you will need to prepare with the help of a Solicitor are:
- A formal Application to the Supreme Court of New South Wales (your application will be commenced by way of a Notice of Motion);
- Publishing a formal Notice of Filing of Accounts;
- An Affidavit of Publication (which is usually executed by a Solicitor);
- A formal Certificate Vouching Accounts;
- An Affidavit in support of your Application – the content of your Affidavit will be reviewed by a Judge who will ultimately decide whether or not you should be awarded commission for your hard work in administering the deceased Estate. You will require the assistance of a Solicitor to complete your Affidavit as it will need to address some important elements that the Judge will look for when making their decision. For example, the size and complexity of the Estate, the complexity of the Will, the degree of efficiency shown by you in completing tasks relating to the Estate, the number of tasks you had to complete, the amount of work you carried out and the time you spent on those tasks.
If you are successful in being awarded commission for your time and efforts in administering the deceased person’s Estate, the commission will be calculated at the Judge’s discretion. Generally, the following ranges of commission can be awarded:
- between 0.25% to 1.25% of the value of the assets;
- between 0.5% to 2.5% on the income on capital; and,
- between 1% to 5% on income collections.
To maximise the amount of commission you may be awarded, it is important to speak with a professional who has expertise in this area of law so that they can guide and advise you on the best way to present your application to the Court.
Need more information or are interested in applying for a commission?
Speak to one of Streeterlaw’s Estates Solicitors today by calling 02 8197 0105 to find out more about how you can apply for a commission for your hard work and efforts as the Executor or Administrator of the Estate of your deceased loved one, friend or client.
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