Service

Estate Administration

Administering a deceased estate can be daunting and stressful.

Acting as an Executor or Administrator carries key duties and responsibilities. Understanding what steps to undertake and how to complete them is key to protecting you from personal liability.

Even well-intentioned Executors and Administrators can run into legal trouble. Getting it right is vital to ensure a deceased's wishes are honoured, required steps carried out correctly and expensive family legal disputes avoided.

Common mistakes for those who don't engage a lawyer include poor record keeping, misuse of estate funds, disregarding gifts made under a Will or failing to manage conflicts of interest.

Further, errors such as mixing estate funds with your own, releasing a beneficiary entitlement to their parent or guardian or failing to pay estate liabilities including tax prior to distributing the estate assets can prove costly and result in you being personally liable.

Andrew takes the time to understand your estate situation, explain with clarity your role and responsibilities and the sequence and timeline of administration steps in guiding you to ensure a smooth and legally sound administrative process.

What's Involved?

Andrew supports Executors and Administrators step by step - from obtaining Probate or Letters of Administration to making the final distribution to beneficiaries.

Usual steps involve:

Notifying organisations of the deceased's passing (banks, insurance companies, superannuation funds and any other relevant entities)
Notifying the State Revenue Office (SRO) within one month of your “Grant of Probate” or “Letters of Administration” appointment.
Notifying all estate beneficiaries and keeping them informed regarding administration progress.
Calling in (redeeming) all assets of the estate including the transfer of real estate, shares to be held by you in your estate trustee capacity.
Ensuring physical assets are insured and secure.
Identifying and paying all estate liabilities and expenses.
Filing a final tax return for the deceased to clear any tax owed.
Getting an ATO Tax File Number for the estate if income earned post death requires the filing of a Tax Return or lodging a non-lodgement advice if filing a Tax Return is not required.
Drawing estate accounts and a beneficiary distribution statement for beneficiary review and approval.
Awaiting expiring of the 6-month period from the “Grant of Probate” or “Letters of Administration” within which claims for provision against the estate can be made.
Distributing the assets of the estate to the beneficiaries in accordance with the Will terms or as required under the laws of intestacy.

The Estate Administration Process

Appointment & Assessment

We review the Will & Estate, identify your key Executor/ Administrator tasks & map out a plan for their completion.
Asset/Liability Gathering

We will notify all asset & liability agencies (if required), value assets and liabilities as at the date of death (if required) & ensure assets are insured & secure.
Administration

Assets transferred to you as trustee and any sold (if required), expenses & liabilities paid, beneficiaries kept informed, filing & payment of any estate income tax & estate accounts drawn.
Estate Winding Up

Estate accounts and distribution statement approved by the beneficiaries & dispersal of entitlements made.