Nobody wants to be in the position of having to look after the assets of a loved one after they have passed. It’s bad enough grieving let alone having to deal with all the issues that arise from the passing of a loved one.
Gayler Legal has many years of experience in dealing with the administration of deceased estates and everything that goes with them. From selling and transferring shares, property transfers, gathering assets and dealing with the beneficiaries, it’s all part of the service – provided with sensibility and grace.
Estates can take a long time to sort – most of them can take up to 6 months or more, depending on the assets held by your late loved one. We will give you a realistic time frame so that you can let the family know. Sometimes, people expect that it can be all sorted out in a month or so – it doesn’t work that way and we like to set realistic expectations so that nobody is assuming that it will all be done “in a couple of weeks”. Unrealistic expectations lead to anxiety and anger and the losing of a loved one is stressful enough without adding another layer of concern to it.
Deceased Estates Process
Losing a loved one is never easy. Based on our experience in administering many estates, we’ve grouped the administration process into six key steps.
- Confirm assets and liabilities
The assets and liabilities of the estate must be verified before a formal valuation can be conducted. Following this, a statement of assets and liabilities is prepared and forms part of the information that is provided to the Supreme Court if probate is required.
- Calculate tax implications, including personal tax returns and capital gains tax
An individual tax return from the period 1 July to the date of death must be prepared and lodged on behalf of the deceased by the executor. We suggest that beneficiaries seek specialist advice in relation to the GST implications of passing on or disposing of the assets of a deceased estate.
- Apply for probate
The executor of the estate may be required to obtain Court confirmation as to the validity of the will and to collect the estate assets. This is called the grant of probate and it may be required before the assets of the estate can be dealt with (administered).
- Collection and realisation of assets
Once probate is granted, the executor will collect the assets of the deceased, realise assets, pay liabilities and expenses and provide for gifts (bequests) and legacies under the will. The distribution of the estate assets can be delayed if the executor is put on notice that a claim is being made against the estate.
- Payment of gifts and bequests
Subject to the collection and realisation of assets, payment of liabilities and there being no notice of any claims (or potential claims), cash gifts and specific items gifted under the will such as furniture and jewellery, can be distributed.
- Distribution of the estate
Subject to the payment of gifts and bequests and no claims having been made against the estate, the remainder of the estate can now be distributed, provided all beneficiaries have been properly identified. Once the distribution of the estate is completed, each beneficiary who is entitled to share in the estate will be provided with detailed financial statements.
Come to see Don – sit down – and when you leave you will feel peace of mind that you have made a start at removing the uncertainty and seeing the forward path.
Don has been working with families for a long time as a trusted advisor
The administration of a will can be a long process and can vary between six months to years. Factors such as a legal challenge to the Will and complexities of the estate can also affect the timing.
Once you speak to us about administering the estate, you will leave your first meeting with us having peace of mind knowing that all these matters are in order.