Passing of Accounts
Passing of Accounts ensures transparency and accountability in estate administration. Whether you’re an executor or beneficiary, TLS provides skilled guidance to navigate the court process and protect your interests.
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The Probate Process In Australia: A Step-by-Step Guide
Estate Distribution
What Does Passing of Accounts Mean?
After probate or letters of administration is granted, some estates may require the Executor or Administrator to formally report how the estate was handled. This is called passing the accounts, and it’s part of ensuring transparency and proper finalisation of the estate.
In some cases, the Supreme Court of Western Australia requires the Executor or Administrator to submit a full record of how the estate has been managed supported by receipts, vouchers and verified by affidavit. This includes:
- A summary of income received and expenses paid
- Any assets distributed directly
- Assets still held or not yet collected
- A statement of all money and investments currently held
- A plan of distribution, explaining how the estate is to be divided among beneficiaries
Is this you?
Ensuring Estate Administration Is Transparent
Executors have a duty to properly manage estate finances and keep accurate records. Whether you’re reviewing or responding to estate accounts, we provide clear legal guidance to help protect your interests.
You've Been Named as Executor
You’ve been appointed to administer an estate and need to formally account for how assets were managed.
Beneficiaries Are Requesting an Accounting
One or more beneficiaries have asked you to provide a detailed record of all estate transactions and distributions.
The Estate Has Been Open for Some Time
Months or years have passed since the grant of probate, and the court or beneficiaries expect a formal accounting of progress.
There Are Disputes Over Estate Management
Disagreements have arisen about how estate funds were spent, invested or distributed, and a passing of accounts may resolve them.
You Need Court Approval to Close the Estate
The court requires a formal passing of accounts before the estate can be fully settled and your duties as trustee discharged.
You Want to Protect Yourself as Trustee
A passing of accounts provides legal protection by confirming your administration was proper and transparent.
Our Process
A Supportive Process Tailored to Your Needs
Legal matters can often feel overwhelming. Our transparent process keeps you informed from start to finish, providing clear advice, practical guidance and dedicated support every step of the way.
Introductory Consultation
This first meeting is where we can get a better understanding of your estate planning objectives, provide legal advice, and take your instructions. We can then provide you with a tailored costs agreement outlining the work we will do for you, the documents to be prepared, and the costs involved. The cost of this first meeting is $330 (inclusive of GST).
Preparing Drafts
Once you have agreed to the terms outlined in the costs agreement and transferred our anticipated fees into our law practice trust account, we will begin preparing your estate planning documents. When these are ready, we will send you drafts for you to review.
Sign-Up
Once you are satisfied these documents accurately reflect your instructions, we can arrange a second meeting, which we call a 'Sign-Up'. In this meeting, we will go over each of the documents with you, page-by-page in plain language, answering any questions you may have. We will then sign these documents after you confirm you're completely satisfied.
Resolution & Support
We help you achieve the best possible outcome while providing ongoing guidance when needed.
Key Considerations
Important Factors to Consider When Reviewing Estate Accounts
Not Sure Where to Start?
Every legal matter is different. Tell us about your circumstances, and we'll help you find the right legal solution.
Understanding Financial Responsibilities
Executors and administrators must accurately account for all estate transactions and decisions.
Maintaining Accurate Records
Comprehensive financial records help demonstrate that the estate has been administered correctly.
Identifying Potential Concerns
Reviewing estate accounts can reveal discrepancies or issues that may require further investigation.
Ensuring Transparency
Clear reporting provides beneficiaries with confidence in the administration of the estate.
Resolving Disputes
Legal guidance can assist where beneficiaries question the management or distribution of estate assets.
Meeting Legal Obligations
Ensuring compliance with legal and fiduciary duties helps reduce the risk of future disputes.
Frequently Asked Questions.
A Passing of Accounts may be required when beneficiaries dispute the trustee’s management, when the trustee seeks formal approval of their compensation, or when the Court orders it.
Any beneficiary, creditor, or the estate trustee themselves can request a Passing of Accounts. The Children’s Lawyer or Public Guardian may also request one if minors or incapable persons are involved.
You will typically need detailed financial statements, receipts, bank records, investment reports, and a proposed plan for distributing the remaining estate assets.
The timeline varies depending on the complexity of the estate and whether any objections are raised. Simple cases may resolve in a few months, while contested matters can take a year or longer.
Formal accounts usually need to be filed within 12 months of receiving a Grant of Probate or Letters of Administration. This may be postponed to a later date, if the Court allows more time. Once filed, the accounts are shared with all beneficiaries. If there are no objections, the Court may approve them without a hearing. If objections are raised, the Court Will set a date to review and pass the accounts.
TALK TO A LAWYER
Looking for clear and personal advice?
Whether you are planning ahead, managing a deceased estate, or dealing with an estate dispute, our team is here to provide clear, practical and compassionate legal advice.
