The death of family member or friend is a challenging time both on an emotional and practical level. There are a number of issues which require immediate attention such as funeral arrangements, securing assets and notifying insurers. There are a variety of longer term issues to be dealt with in order to administer the deceased’s estate.
What is “Estate Administration”?
Estate administration is the term used to describe how a deceased person’s estate (property) is dealt with after their death. This is the process by which an executor (if there is a Will), or an administrator (if there is no Will), gathers in the deceased’s property, protects it, pays debts and distributes estate assets appropriately to the beneficiaries. Estate administration can involve many issues including:
- locating and identifying assets
- insuring and protecting assets
- dealing with disputes
- redeeming assets from third parties
- transferring ownership
- selling estate assets
- investing estate assets
- dealing with overseas assets or beneficiaries
- finalising, usually in cooperation with an accountant, the deceased’s and the estate’s taxation affairs
- distributing assets in accordance with the Will (or intestacy rules if there is no Will)
- providing beneficiaries with records of account in respect of all estate administration tasks undertaken.
What is a Grant of Representation?
Where an estate contains significant assets, a third party holding estate assets may require the estate to obtain a Grant of Representation (either a Grant of Probate or Grant of Administration). These Grants are orders made by the Supreme Court of Queensland which effectively recognise the authority of the Executor or Administrator to administer the estate and in circumstances where the deceased left a Will, confirm the validity of the Will.
Why choose Harrisonslaw?
Would you know what steps must be taken to administer an estate? Would you know how to obtain a Grant of Representation, or deal with an estate in accordance with the relevant laws? We have acted in hundreds of matters concerning estate administration. We can provide vital assistance and advice so that all of your obligations are met in an efficient and timely manner.