Dealing With Deceased Estates As The Executor

The passing of a family member can mark difficult times, especially when it comes to sorting out the deceased family member’s assets and see which goes to whom. That’s why a will is essential when it comes to dealing with deceased estates and keeping the family intact after one passes away.

 

What Is A Deceased Estate?

 

A deceased estate is the assets, properties, and responsibilities that a person leaves behind after he or she passes away. A deceased estate comes into effect when a person dies, leaving their properties and estates behind to be administered and distributed regarding the deceased’s will. However, it also includes his or her debts. That means although the person is no longer here, his or her affairs must still be paid and finished.

 

The Executor

 

The person who will look after the assets and finalise the affairs of the deceased person is called the “executor.” The executor is either chosen by the person and is indicated in his or her will, or appointed by the Australian Capital Territory (ACT) in the event where no will have been created. This person will be responsible for the administration and the distribution of assets to the beneficiaries, according to the wishes stated in the will. The executor may be a family member, a friend or relative of the deceased, or a professional.

 

 

How to Legalise Your Status as the Executor

 

The facilitator of a will needs to apply a Probate to the Supreme Court. This process usually involved the help of a family lawyer. Probate is a Court order that declares the deceased person’s will as valid and that the person stated in the will is officially named the executor who will finalise the deceased’s assets and affairs.

 

The requirement to apply for a Probate or grant will depend upon the nature of the assets of the estate. To determine whether or not a Probate is needed, the executor must reach out to the organisations with which the deceased person held assets. This will determine the requirements of those organisations for the transfer of assets to your name or any beneficiaries indicated in the will. Again, this is best done with a lawyer backing you up.

 

Don’t Do It on Your Own

 

Most people find deceased estates as overwhelmingly complex and taxing. That’s why you need help from professionals like Williams Legal Company. That way, they can ease the burden and make the entire process a lot easier.