What is a deceased estate?
When someone dies, their assets and liabilities are called the estate. Their assets are their property and belongings that have value, such as a house, car, shares and investments.
Most of the time, the deceased person has left instructions on what needs to happen with the estate in their will. The people who inherit the deceased person’s estate are called the beneficiaries.
A deceased estate includes all the assets and liabilities, or debts, the person had when they died.
Assets can include:
- bank accounts
- superannuation and life insurance policies
- real estate – such as a nursing home bond or retirement village lease
- personal belongings, such as furniture and jewellery.
Liabilities can include mortgages and personal loans. Usually liabilities are paid out of the estate assets before they are distributed to beneficiaries.
Read more about being a beneficiary.
Who manages the estate?
A legal personal representative (referred to as an executor or administrator) is responsible for administering an estate. The executor will be named in the person’s will, if they have one.
The legal personal representative makes sure someone’s final wishes are carried out.
Read more about what an executor does.
If you have any questions about deceased estates or what legal personal representatives do, we can help.
We have decades of experience in estate administration and can provide expert and unbiased advice.
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