• Commercial Law

    Commercial Law

    We are business people as much as we are lawyers. We will take care of the legal documents so you can confidently run your business.
    As your business grows, its risk profile and governance challenges will change. We partner with our clients over the long term to ensure they are in the driver’s seat for success.

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  • Dispute Resolution

    Dispute Resolution

    We are in your corner when the going gets tough. Having resolved over 6,500 disputes for business owners have seen it all before.

    Whether you need a skilled negotiator or a fearless litigator, we specialise in delivering commercial results when:

    Customers refuse to pay;
    Suppliers let you down; and
    Business Partners do the wrong thing.

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  • Employment & Safety

    Employment & Safety

    The biggest challenge for any business owner, is managing their employees.

    A difficult employee can make you question why you got into business in the first place and be toxic to your team morale.

    We deliver proactive solutions to manage your team via employment contracts, policies and procedures as well as handling employment disputes when they arise.

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  • Property & Construction

    Property & Construction

    Property is the key most wealth in Australia.  Whether you are buying, selling, leasing or developing property, you need a lawyer you can count on.

    We can advise on the whole property development process from obtaining finance to development approvals, construction and sale or leasing.

    We also act for the Master Builders Victoria and have extensive expertise in construction contracts and disputes.

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  • Family Law

    Family Law

    At Taurus Legal Management we understand the unique challenges clients encounter during family disputes, especially when children are involved. Our family lawyers specialise in handling high-asset cases with a focus on protecting clients wealth, securing their family’s future, and safeguarding the best interests of their children.

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  • Wills and Estates

    Wills and Estates

    At Taurus Legal Management, we understand the importance of planning for you and your family’s future.

    Our experienced team are dedicated to providing comprehensive wills and estates services, to ensure that your wishes are respected, and your loved ones are protected.

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ENQUIRE

The role of an executor of a will is a significant responsibility, involving various legal and administrative duties to ensure the deceased’s estate is managed and distributed according to their wishes. Here are the primary obligations of an executor:

  1. Locating the Will: The executor must locate the most recent will of the deceased and ensure it is valid. This involves checking for any codicils or amendments.
  2. Applying for Probate: Executors are responsible for applying for a grant of probate from the Supreme Court. This legal process confirms the will’s validity and the executor’s authority to administer the estate.
  3. Identifying and Valuing Assets: Executors must identify all assets and liabilities of the deceased, including property, bank accounts, investments, and personal belongings. They must also obtain valuations for these assets.
  4. Paying Debts and Taxes: The executor is responsible for settling any outstanding debts and taxes owed by the deceased. This includes filing the final tax return and ensuring all liabilities are paid before distributing the estate.
  5. Distributing the Estate: Once debts and taxes are settled, the executor distributes the remaining assets to the beneficiaries as specified in the will. This may involve transferring property, liquidating assets, or setting up trusts.
  6. Managing Estate Accounts: Executors must keep detailed records of all transactions related to the estate, including income, expenses, and distributions. These records should be available for inspection by beneficiaries.
  7. Communicating with Beneficiaries: Executors have a duty to keep beneficiaries informed about the estate’s administration and any significant developments. This includes providing updates on the probate process and distribution timelines.
  8. Handling Disputes: If disputes arise among beneficiaries or other parties, the executor may need to mediate or seek legal advice to resolve these issues.
  9. Renouncing the Role: If an executor is unwilling or unable to act, they can renounce their role by preparing a formal renunciation document and lodging it with the Supreme Court. This process is outlined in section 34 of the Administration and Probate Act 1958 (Vic).
  10. Fiduciary Duty: Executors have a fiduciary duty to act in the best interests of the estate and its beneficiaries. This includes avoiding conflicts of interest and ensuring fair and impartial administration.

Being an executor is a demanding role that requires diligence, transparency, and adherence to legal obligations. Executors should seek legal and financial advice if they are uncertain about any aspect of their duties to ensure they fulfil their responsibilities effectively.

Posted by Taurus Legal Management