11 Ways to Navigate Through Estate Administrative Work with Funera Sydney
As the appointed executor of a Will or if you've been granted Letters of Administration due to the absence of a Will, the issuance of a Grant of Probate signals the beginning of the estate administration process. Funera Sydney recognises the challenges you may face during this time and offers guidance through this 11-step estate administration checklist.
- Assess the Need for a Testamentary Trust Account
- Obtain a Tax File Number
- Secure Certified Copies
- Initiate Asset Transfers
- Sell Assets When Necessary
- Confirm Asset Settlement
- Settle Debts and Bills
- Lodge Tax Returns
- Determine the Estate's Full Value
- Distribute the Estate
- Close Final Accounts
In cases where the estate is substantial, opening a testamentary trust may be necessary. Probate grants the authority to establish this account, but its viability depends on the estate's value.
Before initiating asset transfers, register the deceased estate for a Tax File Number (TFN) to prevent higher tax rates. The Australian Tax Office's application form for a deceased estate can be found here.
Certified copies of the Grant of Probate or Letters of Administration are crucial for accessing the deceased person's accounts. Funera Sydney can assist in providing additional copies, including the death certificate.
Request the release and transfer of assets to the deceased's existing bank account or an account in the estate's name. Funera Sydney guides you through the process of managing real estate assets.
If required, sell assets with proper documentation to ensure transparent transactions in the best interest of the estate.
Check that asset transfers have been processed by reviewing bank accounts and conducting title searches for real estate transfers.
Clear any outstanding debts, including legal or accounting services, to ensure a smooth closing of the deceased estate's bank account.
Manage taxes, including individual tax returns and a deceased estate tax return. The ATO provides details on tax returns for deceased estates here.
After settling debts and taxes, determine the estate's value by valuing property and finalising asset inventories.
Funera Sydney helps you navigate the distribution process according to the Will or intestacy rules, ensuring beneficiaries are informed of their entitlements.
Close off all accounts, file documents safely for at least seven years, and consider the closure of email and social media accounts.