Victorian Current Acts Victorian Current Acts(1) As soon as reasonably practicable, an executor of a will who seeks to be paid must inform each interested beneficiary of the following—
(a) the basis on which the executor is to be paid, being either in accordance with—
(i) a clause in the will; or
(ii) with the consent of the interested beneficiaries under section 65C; or
(iii) an order of the Court made under section 65;
(b) the method of calculation of the payment to be made to the executor, including whether the payment will be—
(i) a commission or percentage of the assets of the estate and, if so, the applicable commission or percentage; or
(ii) by charging fees;
(c) the estimated value of the payment to be made to the executor;
(d) the right of any interested beneficiary to have the payment claimed or charged by the executor reviewed by the Court under section 65A(2)(a)(i).
(2) If an executor of a will becomes aware that there is likely to be a substantial change in the amount referred to in subsection (1)(c), the executor must inform each interested beneficiary of the change as soon as reasonably practicable.
(3) The information given to each interested beneficiary under subsections (1) and (2) must be in plain language and—
(a) in English, or in another language if the interested beneficiary does not have sufficient knowledge of the English language; and
(b) verbally if an interested beneficiary is illiterate.
(4) An executor must make reasonable efforts to provide the information in subsection (1) or (2) to—
(a) the parent or guardian of a minor who is an interested beneficiary;
(b) the guardian, administrator or attorney of an adult who does not have legal capacity or decision making capacity and is an interested beneficiary.
(5) An executor who contravenes this section is not entitled to payment from the estate of—
(a) a commission or percentage of the assets of the estate; or
(b) fees.
(6) This section does not apply to an executor that is a trustee company.
S. 65E
inserted by No. 41/2017 s. 17.