Navigating the Aftermath: A Comprehensive Estate Administration Guide by Funera Sydney
NAVIGATING THE AFTERMATH: A COMPREHENSIVE ESTATE ADMINISTRATION GUIDE BY FUNERA SYDNEY
If you find yourself as the executor of a will or the recipient of a Grant of Probate from the Supreme Court, or in the absence of a will, Letters of Administration, you might be contemplating the next steps in managing the deceased's affairs. Funera Sydney presents a detailed estate administration checklist, guiding you through the post-Probate process.
If you find yourself as the executor of a will or the recipient of a Grant of Probate from the Supreme Court, or in the absence of a will, Letters of Administration, you might be contemplating the next steps in managing the deceased's affairs. Funera Sydney presents a detailed estate administration checklist, guiding you through the post-Probate process.
1. ASSESSING THE NEED FOR A TESTAMENTARY TRUST ACCOUNT
For larger estates, opening a testamentary trust may be necessary, especially if stipulated in the Will. Given additional costs, Funera Sydney recommends evaluating whether the estate's value justifies this step.
For larger estates, opening a testamentary trust may be necessary, especially if stipulated in the Will. Given additional costs, Funera Sydney recommends evaluating whether the estate's value justifies this step.
2. REGISTERING FOR A TAX FILE NUMBER
To streamline the collection and distribution of assets, registering the deceased estate for a Tax File Number (TFN) is crucial. This step helps avoid unnecessary tax burdens during the process. You can register online through the Australian Tax Office’s application for a deceased estate form and seek advice from a tax agent.
To streamline the collection and distribution of assets, registering the deceased estate for a Tax File Number (TFN) is crucial. This step helps avoid unnecessary tax burdens during the process. You can register online through the Australian Tax Office’s application for a deceased estate form and seek advice from a tax agent.
3. OBTAINING CERTIFIED COPIES
Procuring certified copies of the Grant of Probate or Letters of Administration is essential before handling substantial assets. These copies are vital for accessing the deceased person’s accounts. Funera Sydney provides additional support, offering certified copies if you're one of our clients.
Procuring certified copies of the Grant of Probate or Letters of Administration is essential before handling substantial assets. These copies are vital for accessing the deceased person’s accounts. Funera Sydney provides additional support, offering certified copies if you're one of our clients.
4. ASSET TRANSFER
Requesting the release and transfer of assets to the deceased's existing bank account or an account in the estate's name is the next step. Funera Sydney emphasizes the importance of adhering to notice period requirements, especially for real estate assets.
Requesting the release and transfer of assets to the deceased's existing bank account or an account in the estate's name is the next step. Funera Sydney emphasizes the importance of adhering to notice period requirements, especially for real estate assets.
5. ASSET SALE (WHEN NECESSARY)
In some cases, selling assets is essential for equitable fund distribution. Funera Sydney advises maintaining comprehensive records of valuations, advertisements, and sales contracts to demonstrate transparency and acting in the estate's best interest.
In some cases, selling assets is essential for equitable fund distribution. Funera Sydney advises maintaining comprehensive records of valuations, advertisements, and sales contracts to demonstrate transparency and acting in the estate's best interest.
6. CONFIRMING ASSET SETTLEMENT
After initiating transfer requests, verifying that transfers are processed is critical. For cash transfers, check the estate’s bank account, and for real estate transfers, conduct a title search to confirm ownership changes.
After initiating transfer requests, verifying that transfers are processed is critical. For cash transfers, check the estate’s bank account, and for real estate transfers, conduct a title search to confirm ownership changes.
7. SETTLING DEBTS AND BILLS
Clear any outstanding debts promptly. Funera Sydney suggests settling legal or accounting service invoices, should you no longer require their assistance, before closing the deceased estate's bank account.
Clear any outstanding debts promptly. Funera Sydney suggests settling legal or accounting service invoices, should you no longer require their assistance, before closing the deceased estate's bank account.
8. LODGING TAX RETURNS
As the Executor or Administrator, managing the deceased estate's taxes is your responsibility. Funera Sydney guides you through preparing and lodging individual tax returns, a date of death tax return, deceased estate tax return, and a trust tax return if applicable.
As the Executor or Administrator, managing the deceased estate's taxes is your responsibility. Funera Sydney guides you through preparing and lodging individual tax returns, a date of death tax return, deceased estate tax return, and a trust tax return if applicable.
9. VALUING THE ESTATE
After settling debts and taxes, determine the estate's full value through property valuation and finalizing asset inventories. Funera Sydney highlights the potential need to publish a notice of intent to distribute, allowing relevant parties to make claims.
After settling debts and taxes, determine the estate's full value through property valuation and finalizing asset inventories. Funera Sydney highlights the potential need to publish a notice of intent to distribute, allowing relevant parties to make claims.
10. DISTRIBUTING THE ESTATE
In accordance with the Will or intestacy rules, Funera Sydney emphasizes informing beneficiaries of their entitlements before finalizing and distributing the deceased estate.
In accordance with the Will or intestacy rules, Funera Sydney emphasizes informing beneficiaries of their entitlements before finalizing and distributing the deceased estate.
11. CLOSING FINAL ACCOUNTS
Congratulations! You've reached the final step. Funera Sydney recommends closing bank accounts, canceling insurances held during the estate administration, and filing all documents securely for at least seven years in case of future inquiries. If needed, Funera Sydney will assist you in producing necessary documents.
Congratulations! You've reached the final step. Funera Sydney recommends closing bank accounts, canceling insurances held during the estate administration, and filing all documents securely for at least seven years in case of future inquiries. If needed, Funera Sydney will assist you in producing necessary documents.
REMEMBER, Funera Sydney is here to support you at every stage. For any assistance, reach out to our team:
Sydney (02) 9954 6655 (Main) Sydney (02) 9954 6655 Newcastle (02) 4955 1110 Wollongong (02) 4243 8755 www.funera.sydney/contact-us
Sydney (02) 9954 6655 (Main) Sydney (02) 9954 6655 Newcastle (02) 4955 1110 Wollongong (02) 4243 8755 www.funera.sydney/contact-us