What is Estate Administration?
Once a person has deceased and holds a valid Will, all assets owned by the deceased person vests in the Executor named under the Will.
Where a deceased person dies intestate (that is without a valid will), then the responsible person to administer the Estate is governed by the Uniform Civil Procedure Rules (UCPR). In most cases the role will be that of the surviving spouse and then children of the deceased.
During the Administration of the Estate, the Executor has a number of legal and practical roles and responsibilities which include:Locating the original Will;Obtaining details of the Estate’s assets and liabilities;Opening an Estate bank account (if required)Notifying beneficiaries named in the Will;Notifying creditors and debtors of the deceased’s passing;Obtaining a Grant of Probate or Letters of Administration if required;Administer the Estate as soon as reasonably possible.Collect assets and transfer them to the beneficiary (if applicable) or liquefy them into cash;Attend to payment of any debts of the Estate;Attend to payment of any administration costs;Complete all necessary and required documentation;Distribute the Estate’s assets to the beneficiaries in accordance with the terms of the Will;Account to the beneficiaries for all monies received by and paid from the Estate during the course of the Estate Administration; andAttend to lodgement of the Estate’s final taxation returns
Estate Administration can be a simple or quite complex process. Our team are here to guide you through the process.