Funera Sydney’s Estate Admin Mastery: An Guide Post-Probate
FUNERA SYDNEY’S ESTATE ADMIN MASTERY: A GUIDE POST-PROBATE
If you find yourself holding a Grant of Probate or Letters of Administration, issued by the Supreme Court as an executor or next of kin, the next steps might seem daunting. Fear not! Funera Sydney presents an engaging 11-step estate administration checklist post-Probate.
If you find yourself holding a Grant of Probate or Letters of Administration, issued by the Supreme Court as an executor or next of kin, the next steps might seem daunting. Fear not! Funera Sydney presents an engaging 11-step estate administration checklist post-Probate.
1. EXPLORE TESTAMENTARY TRUST NEEDS
For sizable estates, contemplate the necessity of a testamentary trust. If the Will suggests one, it might be time to set it up.
For sizable estates, contemplate the necessity of a testamentary trust. If the Will suggests one, it might be time to set it up.
2. SECURE A TAX FILE NUMBER
Initiate the estate setup by registering for a Tax File Number (TFN). Avoid unnecessary tax burdens by visiting the [Australian Tax Office’s application](https://www.ato.gov.au/uploadedFiles/Content/CAS/downloads/3236-07-2016_%20js36050_fillable_fen.pdf) for a deceased estate. Consult a tax agent for optimal guidance.
Initiate the estate setup by registering for a Tax File Number (TFN). Avoid unnecessary tax burdens by visiting the [Australian Tax Office’s application](https://www.ato.gov.au/uploadedFiles/Content/CAS/downloads/3236-07-2016_%20js36050_fillable_fen.pdf) for a deceased estate. Consult a tax agent for optimal guidance.
3. ACQUIRE CERTIFIED COPIES
Facilitate asset transfer by obtaining certified copies of the Grant of Probate or Letters of Administration. Learn about authorised certifiers [here](https://www.funera.sydney/who-can-certify-will-death-certificate-estate-administration-guide/).
Facilitate asset transfer by obtaining certified copies of the Grant of Probate or Letters of Administration. Learn about authorised certifiers [here](https://www.funera.sydney/who-can-certify-will-death-certificate-estate-administration-guide/).
4. SMOOTH ASSET TRANSFERS
Initiate requests for asset release and transfer to the deceased’s account or an estate account. Ensure real estate transfers comply with notice period requirements.
Initiate requests for asset release and transfer to the deceased’s account or an estate account. Ensure real estate transfers comply with notice period requirements.
5. FACILITATE ASSET SALES
If needed, sell assets, preserving evidence of valuations and sales documentation.
If needed, sell assets, preserving evidence of valuations and sales documentation.
6. CONFIRM ASSET SETTLEMENT
Check if asset transfers are completed successfully. Verify deposits for cash transfers and conduct title searches for real estate.
Check if asset transfers are completed successfully. Verify deposits for cash transfers and conduct title searches for real estate.
7. SETTLE DEBTS AND BILLS
Clear any outstanding debts and settle invoices for professional services rendered during the estate administration.
Clear any outstanding debts and settle invoices for professional services rendered during the estate administration.
8. LODGE TAX RETURNS
Navigate the complexities of tax responsibilities by lodging required returns promptly. Seek advice from the ATO or a tax agent for clarity.
Navigate the complexities of tax responsibilities by lodging required returns promptly. Seek advice from the ATO or a tax agent for clarity.
9. DETERMINE ESTATE VALUE
After settling debts and taxes, assess the estate’s full value. Follow state regulations for publishing a notice of intent to distribute.
After settling debts and taxes, assess the estate’s full value. Follow state regulations for publishing a notice of intent to distribute.
10. DISTRIBUTE THE ESTATE
Execute the distribution process based on the Will or intestacy rules, informing beneficiaries of their entitlements.
Execute the distribution process based on the Will or intestacy rules, informing beneficiaries of their entitlements.
11. CLOSE FINAL ACCOUNTS
Celebrate completion by closing deceased person’s accounts, cancelling insurances, and archiving documents for potential future inquiries.
Celebrate completion by closing deceased person’s accounts, cancelling insurances, and archiving documents for potential future inquiries.
CONGRATULATIONS! YOU'VE SUCCESSFULLY NAVIGATED THE INTRICATE JOURNEY OF ESTATE ADMINISTRATION WITH FUNERA SYDNEY'S COMPREHENSIVE GUIDE. FOR FURTHER ASSISTANCE, CONTACT US AT FUNERA SYDNEY OR REACH OUT TO OUR DEDICATED TEAM:
SYDNEY (MAIN): (02) 9954 6655
SYDNEY: (02) 9954 6655
NEWCASTLE: (02) 4955 1110
WOLLONGONG: (02) 4243 8755
WE ARE HERE FOR YOU, COMMITTED TO TURNING YOUR FINAL WISHES INTO A DIGNIFIED AND PERSONALISED FAREWELL.