Administering a deceased estate comes with a wide range of responsibilities. This includes managing the deceased’s assets, notifying institutions, paying debts and distributing the estate in accordance with the will or applicable law.
Obtaining the Death Certificate
The first step in administering a deceased estate is to obtain the death certificate. This is required for various legal and administrative purposes, including to notify banks and other institutions, and to apply for a grant of probate or letters of administration.
Identifying the Executor or Administrator
If the deceased left a valid will, they will have appointed an executor. The executor's role is to ensure that the deceased's wishes are carried out in accordance with the will. In cases where there is no will or appointed executor, the court may appoint an administrator. The executor or administrator is responsible for managing the estate's assets, paying debts and distributing the estate.
Applying for a Grant of Probate or Letters of Administration
A grant of probate or letters of administration is obtained by filing documents with the Supreme Court of the state or territory where the deceased held the majority of their assets. You may need to file in multiple states/territories, which is known as obtaining a reseal of the grant.
Collecting and Managing Assets
Once a grant of probate or letters of administration is obtained, the executor or administrator can begin collecting and managing the deceased's assets. This includes identifying bank accounts, shares, property and personal belongings. The executor or administrator should ensure they maintain accurate records of all financial transactions and estate related activities.
Paying Debts and Distributing the Estate
Before distributing the estate to the beneficiaries, the executor or administrator must settle any outstanding debts and liabilities of the deceased. This may include paying debts owed to creditors, outstanding bills and tax obligations. Once this has been completed, the remaining assets can be distributed to beneficiaries in accordance with the will or the laws of intestacy if no will exists.
You may wish to seek professional advice and assistance with administering a deceased estate. Robinson + McGuinness offer fixed fees for an application for probate or letters of administration. If you would like to discuss your situation and how we can assist you, please contact us today on (02) 6225 7040 by email info@rmfamilylaw.com.au or get started now online.
Author: Amy Davis