Tips in Estate Administration in Perth

Naturally, after the death of a dear one, family members and friends would grieve for their loss. But after the funeral and all intense emotions have subsided, people usually ask about the estate of the deceased. The estate administration process involves legal procedures which can be too technical and detailed.

So to make the process of deceased estate administration less complicated, here are some tips to help you.

1. Immediately after the death of the person, secure his residence and anything valuable. You also need to secure all important people like the dependents or pets of the decedent.

2. Obtain copies of the certificate of death. You also need to gather other significant documents such as real estate holdings, bank accounts, investment accounts, and other assets. Freeze all accounts to prevent improper or incorrect payments from being made. You also need to locate, obtain, and secure the original copy of the Will. Also, locate, get, and secure the original copy of the Will of the deceased.

3. Right after securing the estate, contact an attorney. To avoid making mistakes, it is always ideal to have someone knowledgeable to assist with the process, especially when it is your first time to deal with such.

4. Your attorney will aid you in the process of probate. He will determine what assets should be probated. Jointly held assets, life insurances, and assets in a trust fund are not normally probated.

5. Visit the office of Register of Wills to get letters certifying that you are the personal representative for the estate administration. Also, notify potential heirs and beneficiaries especially those whose names were mentioned in the Will. Inform them about your appointment as a representative for the estate administration process.

6. You also need to pay taxes and eventually distribute the assets based on the conditions stated on the Will. Remember that each estate is a bit different simply because no two estates contain the exact the same assets. Generally, an estate would take one or two years to be completed. This still depends on the nature of the assets and other considerations and issues that may come up during the estate administration process.

7. If debts are still unsettled, do not distribute any assets yet. If you do, you will be held liable for any fuss that may come up because estate is distributed before issues are solved. Use a reserved fund to cover any expenses you need to make while working with the estate administration process.

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