11 Ways to Navigate Through Estate Administrative Work with Funera Sydney

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.

  1. Assess the Need for a Testamentary Trust Account
  2. 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.

  3. Obtain a Tax File Number
  4. 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.

  5. Secure Certified Copies
  6. 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.

  7. Initiate Asset Transfers
  8. 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.

  9. Sell Assets When Necessary
  10. If required, sell assets with proper documentation to ensure transparent transactions in the best interest of the estate.

  11. Confirm Asset Settlement
  12. Check that asset transfers have been processed by reviewing bank accounts and conducting title searches for real estate transfers.

  13. Settle Debts and Bills
  14. Clear any outstanding debts, including legal or accounting services, to ensure a smooth closing of the deceased estate's bank account.

  15. Lodge Tax Returns
  16. Manage taxes, including individual tax returns and a deceased estate tax return. The ATO provides details on tax returns for deceased estates here.

  17. Determine the Estate's Full Value
  18. After settling debts and taxes, determine the estate's value by valuing property and finalising asset inventories.

  19. Distribute the Estate
  20. Funera Sydney helps you navigate the distribution process according to the Will or intestacy rules, ensuring beneficiaries are informed of their entitlements.

  21. Close Final Accounts
  22. Close off all accounts, file documents safely for at least seven years, and consider the closure of email and social media accounts.

Funera Sydney stands by you throughout this journey, offering support and guidance for a seamless estate administration process. If you have any inquiries, our team is ready to assist.
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