Administration of Deceased Estates

Once Probate has been obtained, executors have other duties to fulfil when it comes to the proper administration of a deceased estate.

From recovering assets and arranging payment of debts to preparing estate accounts and distributing the estate in accordance with the will, Queensland Probate can help to lighten your load and make navigating your duties more manageable.

Administration of Deceased Estates

  1. Collecting assets including:

    • Money held at bank accounts, credit unions etc;
    • Superannuation proceeds;
    • Shares and equities;
    • Life insurance proceeds;
    • Unpaid wages;
    • Bonds held by nursing homes or retirement villages;
    • Compensation; and
    • Transferring real estate into the name of the administrator/executor.

  2. Selling assets including:

    • Arranging valuations;
    • Household furniture;
    • Motor vehicles;
    • Shares; and
    • Real estate.

  3. Payment of debts – There is a particular order that debts need to be paid in which includes:

    • Advertising for creditors;
    • Assessing whether debts are properly due and payable;
    • Loans;
    • Refunding overpaid pensions and;
    Preparation and lodgement of tax returns.

  4. Providing legal advice – This is required to ensure that the proper assets/beneficiaries bear the burden of the above mentioned liabilities.

  5. Preparation of estate accounts for the executors and beneficiaries.

  6. Distribution of the estate in accordance with the will or rules of intestacy – The executor is required to compile a report and statement of the beneficiaries showing what assets were collected, how much money was raised, as well as the expenses/debts that were paid from the estate. This report must be given to the beneficiaries when they receive their share of the estate which may include:

    • Holding assets pursuant to the terms of any trust under the will (e.g for minors or people with disabilities);
    • Transferring real estate to beneficiaries; and
    • Transferring shares to beneficiaries.

Get in touch with Queensland Probate today for a free 15-minute consultation to discuss your needs.