QLD Deceased Estate - Executor of Will and Suncorp Funds Concerns

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Teddy

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22 April 2015
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My mother passed away last December and my sister is the sole Executor of the will, but she has asked a solicitor to administer the deceased estate. There are 4 beneficiaries (being us 4 kids). I asked the Solicitor back in February when we could expect monies to be released and he sent me a letter say they were waiting on Probate (which was granted 2 months ago) and then he said Suncorp would just have to release monies probably April or early May. My sister has told me that the monies wont be released by Suncorp till at least mid year and no-one is to contact the Solicitors as we have to go through her.

Is this correct that Suncorp can hold monies for this long and can we talk to the Solicitor or not?

Thanks.
 

Tim W

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28 April 2014
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Are we talking about money in an ordinary bank account,
or some other kind of holding?

For example, there is little reason to delay on a plain old savings account,
but, for example, the exit fees on a term deposit can be very high,
and it might be more prudent to wait out the term and have the funds returned to the estate.

An answer to my question at the top of this post will help us make better suggestions.
 
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winston wolf

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21 April 2014
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changefpa.com.au
If Suncorp is holding a trust account such as a superannuation fund they often hold them until any chance of a Family Provision claim has expired.
Also remember each time you contact the solicitor he is billing the estate.
 
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Tim W

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Agreed. On both counts.

That said, I don't know how it is in Queensland, but as a general rule,
super funds are not, by default, part of the estate....

That's why it will be helpful for the OP to tell us what kind of holding/ account/ etc
we are talking about.
 
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Teddy

Member
22 April 2015
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Are we talking about money in an ordinary bank account,
or some other kind of holding?

For example, there is little reason to delay on a plain old savings account,
but, for example, the exit fees on a term deposit can be very high,
and it might be more prudent to wait out the term and have the funds returned to the estate.

An answer to my question at the top of this post will help us make better suggestions.

Thank you for your reply......it's just a savings account at Suncorp.. Ta Teddy
 

Teddy

Member
22 April 2015
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If Suncorp is holding a trust account such as a superannuation fund they often hold them until any chance of a Family Provision claim has expired.
Also remember each time you contact the solicitor he is billing the estate.



Thanks for the tip ;) It is just a savings account..... Teddy
 

Tim W

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As a general rule, it is both appropriate and reasonable
to use money in the deceased's bank account to settle any debts owed by the deceased,
before distributing anything that is left to the beneficiaries.

Although it may be different in Queensland (as so much is!)
I am less sure that a bank (etc) will be all that interested in actively holding onto any money
pending any family provision claim. managing that risk is really the executor's problem, not the bank's.

As to who talks to who... that's a question better answered by one of my Queensland colleagues.
That said, ponder this: Who gets to talk to whom can depend in part on who the executor actually is.
  • If the lawyer is actually the executor, then any beneficiary might reasonably talk to them.
  • But if the lawyer is engaged by the executor, then the executor is the lawyer's client.
    In this latter case, it is more appropriate for the beneficiaries to deal with the executor.
 
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winston wolf

Well-Known Member
21 April 2014
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changefpa.com.au
Agreed. On both counts.

That said, I don't know how it is in Queensland, but as a general rule,
super funds are not, by default, part of the estate....

True but if there is a dispute, the trustee may prefer to wait and see as their distribution will be taken into account in any settlement/FPA claim.

Just to clarify:)
 

Tim W

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True but if there is a dispute, the trustee may prefer to wait and see as their distribution will be taken into account in any settlement/FPA claim.
I am not sure that a trustee has that option.
In any event, if this is a savings account, then I'm not sure there is a trustee to be worrying about.