Estate administration and whats involved

Estate administration in New South Wales (NSW) is the process of managing and distributing a deceased person’s estate according to their Will or, if there is no Will, according to intestacy laws. Here is a step-by-step guide for estate administration:

1. Obtain the Death Certificate

• Register the Death: Ensure the death is registered with the NSW Registry of Births, Deaths and Marriages.
• Obtain Copies: Acquire multiple certified copies of the death certificate for various administrative purposes. We will provide you with certified copies.

2. Locate the Will

• Find the Will: Search for the deceased’s Will. This might be with their lawyer, in a safe deposit box, or among their personal effects. We will help you locate this Will. If it cannot be located, we can apply for Letters of Administration which is like Probate, but with no Will. 
• Determine Executor: The Will should name an Executor who is responsible for managing the estate.

3. Apply for Probate (if applicable)

• File for Probate: If the deceased left a valid will, the Executor must apply for a Grant of Probate from the Supreme Court of NSW. This legal document confirms the will's validity and authorises the executor to manage the estate. Our office will be able to prepare all the required documents so that the application process is smooth and efficient.  
• Documents Required:
  • Application Form: We will prepare all the required documents.
  • Original Will: Provide the original Will and any Codicils (amendments).
  • Death Certificate: Include a certified copy of the Death Certificate.
  • Affidavit: We prepare the Affidavit.  
  • Proof of Identity: Provide identification for the Executor.
• Submit and Pay Fees: We then lodge the application with the Court and you then pay the required fees.

4. Administer the Estate

• Collect Assets: Identify and gather all the deceased’s assets, including bank accounts, real estate, personal belongings, and investments.
• Pay Debts: Settle any outstanding debts and liabilities of the estate. This may involve notifying creditors and arranging payment.
• Manage Estate: Continue managing the estate's assets, such as maintaining property, handling investments, and ensuring compliance with legal obligations.

5. Prepare and File Tax Returns

• Lodge Final Tax Returns: File the deceased’s final income tax return and any necessary tax returns for the estate. You will need to see an independent Australian Accountant for this part. 
• Pay Taxes: Ensure any tax liabilities are settled, including any applicable estate taxes or duties.

6. Distribute the Estate

• Prepare Distribution Plan: Follow the instructions in the Will or, if there is no Will, the intestacy laws to distribute the estate’s assets.
• Inform Beneficiaries: Notify beneficiaries of their entitlements and provide them with their share of the estate once they provide identification. 
• Transfer Assets: Complete the transfer of assets to beneficiaries, which may include transferring property titles and closing bank accounts. If the estate needs to sell, we will then assist you in selling the property. 

7. Finalise Estate Administration

• Prepare Final Accounts: Prepare a final account of the estate’s administration, detailing all income, expenses, and distributions.
• Obtain Release: Obtain receipts or releases from beneficiaries acknowledging receipt of their shares and the finalisation of the estate.
• File with the Court: If required, file the final accounts with the court and any necessary documentation to formally close the estate.

8. Post-Administration

• Notify Relevant Authorities: Inform relevant authorities and institutions of the estate's closure. We do this step for you. 
• Store Documents: Keep all estate administration records and documentation for future reference, as required by law.

Additional Considerations:

• Legal and Financial Advice: Consult our office to navigate complex legal issues and ensure compliance with all legal requirements.

Following these steps will help ensure that the estate administration process is handled efficiently and in compliance with NSW laws.