Navigating the complexities of managing a deceased estate can be overwhelming, especially during such an emotionally difficult time. Administering a deceased person’s estate is a crucial task that ensures their final wishes are respected and their assets are distributed according to their will or the law. This guide provides a clear and comprehensive checklist to help bereaved families manage the process with ease and confidence.
What Does Managing Deceased Estates Mean?
Managing deceased estates refers to the process of administering and distributing a deceased person’s assets according to their will or legal requirements. This involves collecting and valuing assets, paying debts & taxes and distributing the remaining assets to beneficiaries.
This is typically handled by an executor named in the will or an administrator appointed by the court.
The Deceased Estates Management Process
Before death occurs:
- Estate Planning Encourage your loved ones to set up a comprehensive estate plan, including a valid will. Be sure to set up a BillWill to keep all your bills and accounts updated and easy to close or transfer after your death
- Document Organisation Ensure that important documents, such as wills, insurance policies and financial records are easily accessible
After death occurs:
- Obtain the Death Certificate This is the first step in initiating the estate management process
- Locate the Will Find the deceased’s will to understand their wishes
- Notify Relevant Authorities Inform banks, insurance companies and government agencies about the death
- Appoint an Executor or Administrator If not already named, appoint someone to manage the estate
How Long Does Managing Deceased Estates Take?
The timeline for managing a deceased estate can vary widely, depending on factors such as the complexity of the estate, the presence of a will and any disputes among beneficiaries. Generally, the process can take anywhere from six months to a few years.
Do You Need an Estate Lawyer?
An estate lawyer can provide invaluable assistance in navigating the deceased estate management process, particularly in complex cases involving significant assets or disputes among beneficiaries. They can offer expert advice on legal requirements, help draft and file necessary documents and represent you in court if needed.
For personalised assistance, please send an email to enquiries@billwill.com.au and we can put you in touch with one of our estate planning partners.
Avoiding Common Issues
Managing a deceased estate can come with various challenges. Here’s how to avoid common issues:
- Disputes Among Beneficiaries Clearly outline your wishes and communicate them to your family to prevent misunderstandings
- Delay in Obtaining Probate Ensure all documents are correctly filled out and submitted promptly
- Unknown Debts or Accounts Conduct a thorough search to identify all billing and subscription accounts alongside any outstanding debts
Conclusion
Managing a deceased estate is a significant responsibility that requires careful attention to detail and adherence to legal requirements. By following this guide, you can ensure a smoother administration process, alleviating some of the stress during this challenging time. Remember, seeking professional advice from an estate lawyer can provide additional support and peace of mind.
