Collection of assets

• Taking control of estate assets
  • Ss 14, 13 and 27 Administration and Probate Act 1958 (Vic)

• Where estate is solvent or bankrupt
  • Order of payment of estate liabilities 
    • s 37 Administration and Probate Act 1958 (Vic)
    • s 39 and Second Schedule Administration and Probate Act 1958 (Vic)
    • Part XI Bankruptcy Act 1966 (Cth)

Transfer of assets

Rights, powers and duties of Trustees

• Rights:-
  • To commission
  • To protection from the court
  • To indemnity and reimbursement from estate for costs properly and necessarily incurred

• Powers:-
  • Sell
  • Postpone selling
  • Insure
  • Mortgage
  • Lease
  • Appropriation of assets
  • Invest estate funds
  • Employ agents to assist with estate (eg, solicitors, accountants, valuers)
  • Ss 13, 14, 31, 32, 38, 41-44 Administration and Probate Act 1958 (Vic)
  • Part 1 Trustee Act 1958 (Vic)

• Duties:-
  • Arrange funeral 
    • Williams v Williams (1882) 20 Ch D
  • Detail and secure the estate assets and liabilities
  • Understand the terms of the Will (if any)
  • Obtain Grant (if required)
  • Collect assets and pay liabilities
    • Re Tankard [1942] Ch 69
  • Keep accounting records of the estate
    • S 28 Administration and Probate Act 1958 (Vic)
  • Distribute net estate to beneficiaries

Removal of Executors

• By consent or by order of court,
• S 34 Administration and Probate Act 1958 (Vic)
• Ss 41, 44 Trustee Act 1958 (Vic)

Executor's Commission

• S 65 Administration and Probate Act 1958 (Vic)
• Re Will of Mary Irene McClung [2006] VSC 209

Deeds of Family Arrangement

Deeds of Surrender and Disclaimer

• In the Will of Clayton [1971] 1 NSWLR 76

Indemnities and Releases

Dealing with Trustee Companies

Taxation of Estate

Superannuation

• Employee entitlements
• Insurance / death benefits
• Anti detriment payments
• Role of Trustees
• Self Managed Superannuation Funds
• Objecting to determination of Trustees
• Applications to Superannuation Complaints Tribunal