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Handling a deceased estate is not only frightening, especially when emotions are still fresh following a loved one’s death. It’s not just a matter of moving belongings around. It’s a formal legal process with tremendous responsibility. If you’ve been named an executor or administrator, knowing what you’re doing is important to avoid getting yourself into legal trouble and carrying out the deceased person’s wishes.
Here’s what you should know and how professional assistance services, such as deceased estate lawyers in Perth, can make it easier.
A deceased estate is all the property the person had when they died: property, bank accounts, shares, effects, and debt. The estate needs to be wound up and handled according to the person’s will or, if they do not have a will, under the law when they die. Administration of debts entails:
They have to be treated with care and strictly as per the law.
If you are named executor in a will, your legal role is:
You are to execute the most recent will and ensure it is kept safe. You must also safeguard the property and estate of the deceased from loss or damage.
Probate is a court document confirming the will and appointing you to manage the estate. Probate is not always necessary, but when there is a big estate or banks and other institutions demand it,
Here, deceased estate lawyers Perth help by making the application for probate correctly and on time.
You will have to collect all the assets, from real estate to personal items, and determine their worth. You are the fiduciary executor, and as such, you cannot dispose of or transfer anything in the interest of the beneficiaries.
Step one in letting go of something is that you will be required to pay off the deceased person’s debts, and they are:
You will be personally liable for non-payment of debts.
After settling all the debts, you can distribute the remaining estate according to the will. If there’s no will, then the properties are divided through intestacy law, which is complex without the assistance of estate planning lawyers Perth.
If the individual passes away without a will (dies “intestate”), the situation is slightly more complex. Instead of inheriting according to the deceased individual’s desires, the law directs the estate to the surviving relatives. As an administrator (in contrast to an executor), you will still need to:
Because of the increased complication, most administrators put professional guidance from deceased estate solicitors in place.
Deceased estate administration might be straightforward, but if something goes wrong, for example:
Under such circumstances, it is best to seek the advice of deceased estates lawyers Perth so that you can act legally and stay protected from personal liability.
Will administration is a formal legal responsibility, not a family affair. Look after yourself by:
You can even protect yourself from claims against your estate management with executor insurance.
Complications in the administration of the estate of a deceased person put into focus the importance of planning one’s estate. You can consult estate planning lawyers to guide you on how to leave a will and the family members in succession, and minimise future conflicts.
Professional deceased estates lawyers provide real-world guidance step by step:
Having a professional care for everything can save months of worry and expensive mistakes.
Administering an estate in administration is a serious business with an intricate legal and emotional landscape. You might have a simple estate or be coping with aggressive conflict. Whatever you are facing, knowing your legal requirements is essential.
Taking advice from seasoned estate lawyers in Perth will ensure that you are doing it correctly, without any personal risk, and do justice to the memory of the deceased.
If you are left in charge of the administration of an estate or your own, don’t do it yourself; get experts in the law of deceased estates and the law of estate planning to make life easier for you and your loved ones.