Deceased Estate Administration
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Helping you finalise a loved one's estate
Having to finalise a loved one's affairs while you're grieving can be daunting and emotionally challenging. If you have been nominated Executor of their estate it may take months, possibly years, to sort out their affairs.
That's where State Trustees can help. We are one of Victoria's largest and most experienced administrators of deceased estates.
We can provide the peace of mind that comes with knowing your loved one's assets are in the hands of experienced, impartial specialists.
What is Deceased Estate administration?
When a person dies their assets and debts must be looked after by someone. In many ways the funeral is not the final good bye and lodging tax returns, closing bank accounts or selling property is necessary to finalise a person’s estate.
All estates are not the same. They can differ for a number of reasons and that can affect the complexity of finalising the deceased’s affairs. For example whether the deceased had a Will or not can affect the appointment of someone to administer the estate and the distribution of assets to the beneficiaries.
What does being an Executor mean?
An Executor is the person or organisation who is responsible for administering the deceased’s estate and managing all the legal and financial issues that arise from a Will.
What does being an Administrator mean?
If there is no Will, the Court will appoint an Administrator to be responsible for finalising the deceased’s affairs. An Administrator has the same responsibilities as an Executor; it’s just that there is no Will and the deceased’s assets are distributed according to a legal formula which specifies who will benefit from the estate.
Three Types of Executor:
- Sole Executor
- Co-Executor
- Substitute Executor
What is a Sole Executor?
As a Sole Executor, you are the only person or entity appointed to manage the estate. Making decisions can be more straightforward. However, it also means you do all the work, including paying outstanding bills, lodging tax returns and ensuring all assets go to the correct people.
And this is where things often get complicated. You may have to settle disputes between family members, and perhaps even defend the estate against legal challenges.
What is a Co-Executor?
Co-Executors are where, you and other people or entities are appointed to make the decisions together. However, this can result in longer delays because you share the responsibility for finalising things.
What is a Substitute Executor?
As a Substitute Executor you are basically the back-up just in case the Sole Executor passes away before the deceased does or in case they are unable or unwilling to take on this responsibility.
What does an Executor/Administrator need to know?
- Some understanding of law and finance
- Can be time consuming and complex
- Risk of personal legal liability
Ultimately it’s the Executor’s job to carry out the wishes of the deceased. If you’ve been an Executor before you will have a better idea of what’s involved. But it is important to remember that every estate and every Will is different.
It will also be your job to apply to the Court for Probate, locate all the beneficiaries and distribute or sell assets. You'll also need to tie up any loose ends with your loved one’s finances including lodging tax returns.
If there is no Will, it’s the Administrator’s job to obtain Letters of Administration, distribute the assets according to the legal formula which specifies who is to benefit from the estate, and again, tie up any loose ends.
For more information about State Trustees and how we can help you
