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The passing of a loved one often causes emotional difficulties for families and friends. And for those left behind, they are often left with the responsibility of administering the estate of the deceased person. Because the circumstances of every person vary, estate administration may also vary including the work that must be done and the issues that may arise. But there are certain elements common to every estate administration. There are four general steps involved in administering a deceased estate. Step 1 The first step is estate administration is finding out if the deceased person left a will, and locating it if there is any. Get in touch with the lawyer which normally keeps the will (original copy) of a deceased person in safe custody. However, in the absence of a will the deceased person has died intestate. In such cases, different procedures will apply. Assuming that there is a will, the executors and beneficiaries of the estate must then be identified as stated in the will. The executor of the will is the appointed person who will administer the estate and he/she will be the one responsible for completing the procedures listed below. In most cases, the executor will need a lawyer or an estate administration company to assist him/her in administering the estate. On the other hand, the beneficiaries are those who are entitled to the estate of the deceased person. They commonly include members of the family, friends and even charitable institutions. The primary task of the executor of a will is to identify the deceased person's assets and liabilities. This can be done by looking through some personal papers to find any real estate, shares, bank accounts, superannuation, loans, credit cards, insurance policies and other assets owned and liabilities owed by the late owner of the estate. Step 2 The second step involves complying with the requirement of various government agencies and other entities. The executor must be able to inform these government departments and other organizations about the demise of your loved one and to comply with the requirements in finalizing the affairs of the deceased. Some of these government agencies and organizations typically include banks, share registries, insurance companies, taxation office, National Electoral Commission, the deceased's employer, telephone companies and internet service providers, Medicare, etc. Step 3 The third step involves the collection of assets and settlement of the liabilities of the estate. Usually when the estate involves assets of great nominal value, the executor may need to apply for a grant of probate. This will give him/her the court's permission to deal with the estate of the deceased person. Step 4 Finally, the last step is distributing the estate to the rightful beneficiaries. When the executor had collected all assets and settled all liabilities of the estate, he/she can start distributing the estate. During the course of estate administration, the beneficiaries have no immediate right to receive any amount from the estate. However, some executors choose to make an interim distribution of the estate that is not yet fully administered. The beneficiaries can get the remaining assets entitled to them once the estate administration process is completed. The executor must be able to prepare estate administration accounts upon the completion of the administration process, showing every asset and liability of the estate, and the manner in which the estate has been properly distributed to the beneficiaries. If you want to learn more about deceased estate administration, simply check out the Estate Administration Services website by clicking on the following links: http://www.estateadmin.com.au/ http://www.estateadmin.com.au/executor-of-wills-perth-wa/
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estate administration, deceased estate administration,
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