Finalizing an Estate After Death

A “deceased estate” is a term used to describe the property and assets (such as possessions and shares) that belong to someone who has passed away. Finalizing an estate after death can be a challenging process; fraught with grief and emotion and the last thing you will want to be dealing with is the complex legal process that finalizing an estate after death in Australia can entail.

If the deceased created a will, it will state either an executor or an administrator in charge of the case, whose responsibility it will be to hold the estate in a trust. An executor is also generally in charge of funeral arrangements, death certificates and informing Centrelink. However, if the deceased has no will, the administrator must be chosen by the heirs of the estate and needs to be approved by the court. The next step is to open an estate account for the collection of any income owed to the deceased and to make posthumous payments. As well as receiving money owed to the deceased, it is also important that you pay off all debts and contact and close any remaining accounts.

To ascertain what the deceased’s estate included, it is important to investigate their paperwork. Often a recent tax return can be the key to understanding the scale of the estate and acts as a valuable source of information. After confirming the estate, the executor must then inform the estates beneficiaries of their inclusion in the deceased’s will and distribute the assets accordingly.

Finalizing an estate after death in Australia can be a time consuming and emotionally draining process. Many people choose to hire a quality lawyer to oversee the procedure so that they can take a much-needed step back. By hiring a lawyer, a person is able to take the time they need to grieve without the stress that finalizing a deceased estate can include.