Deceased Overview
Administering a deceased estate can be a complex and emotionally challenging process. Understanding the necessary steps and legal requirements is crucial to ensure a smooth settlement of assets and the fulfillment of the deceased’s wishes. Our team have experienced wills and estates lawyers that can step you through the entire process.
What is a Deceased Estate and the role of the executor?
A deceased estate refers to the assets, property, and liabilities left behind by a person who has passed away. Administering a deceased estate involves managing and distributing these assets according to the deceased’s will or the intestacy laws if no valid will exists. The executor is the person named in the will to carry out the deceased’s wishes and manage the estate administration process. They have important responsibilities, including locating assets, paying debts, filing tax returns, and distributing assets to beneficiaries.
Key steps in administering a deceased estate
Obtaining a Grant of Probate: If there is a valid will, the executor may need to apply for a Grant of Probate from the Supreme Court. This legal document confirms the validity of the will and authorizes the executor to act.
Identifying and Valuing Assets: The executor must locate and compile a comprehensive list of the deceased’s assets, such as property, bank accounts, investments, and personal belongings. These assets need to be accurately valued to determine the estate’s overall worth.
Paying Debts and Taxes: The estate’s debts, including funeral expenses, outstanding bills, and taxes, must be paid from the estate’s funds. This step ensures that the estate is settled correctly and minimises potential disputes.
Distributing the Estate: Once all debts are settled, the executor can distribute the remaining assets according to the deceased’s wishes as outlined in the will. If no will exists, distribution occurs according to the intestacy laws.
Dealing with Intestate Estates: If the deceased did not leave a valid will, the estate is considered intestate. In such cases, the laws of intestacy dictate how the estate is distributed among the deceased’s next of kin. The process can vary depending on the family structure, and seeking legal advice is highly recommended.
Seeking Professional Assistance: Administering a deceased estate can be complex, especially when legal and financial matters are involved. Engaging our services can provide valuable guidance, ensuring compliance with legal requirements and efficient estate settlement.
Timeframes and Legal Obligations: Administering a deceased estate can take several months or longer, depending on its complexity. Executors must be aware of timeframes for lodging documents, paying taxes, and distributing assets to beneficiaries, as failure to comply with legal obligations can have consequences
Contact us today to schedule a consultation and take the first step towards administering a deceases estate.
FAQs
How long does it take to administer a deceased estate?
Who is responsible for managing a deceased estate?
The person responsible for managing a deceased estate is usually the executor named in the deceased person’s will. If there is no will or executor appointed, the court may appoint an administrator to handle the estate.
What happens if someone dies without a will in Australia?
When a person dies without a valid will, they are said to have died intestate. In such cases, the estate is distributed according to the intestacy laws of the relevant state or territory in Australia. Typically, the spouse or de facto partner, children, and other close relatives are entitled to a share of the estate.
Can a deceased estate be contested?
The content of this article is intended as a general guide to the subject matter and not to be relied upon as legal advice. For specific legal advice about your individual circumstances, please contact our experienced lawyers
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