Having an expert and professional executor can make a real difference to your family and friends during a very difficult time.
Administering the estate
The first priority will be arranging the funeral so you can say goodbye to your loved one.
When you are ready, you can contact us to discuss their estate.
The first step for us is to talk to you about the assets and liabilities of the estate to figure out if a formal administration is required.
- Where the assets are minimal - or the majority are jointly held - a formal administration may not be required and we can explain what to do next
- If administration is required, we like to meet with all beneficiaries to discuss the next steps.
We can meet with all beneficiaries together, or individually.
If it is not convenient to meet with us in person, you can send the relevant information to us.
What happens at the first meeting?
This meeting gives you the chance to find out what is involved in managing the estate.
We talk about how long things might take for your specific situation and give an estimate of the costs involved.
You will also be able to ask any questions and be introduced to your Estate Officer, who will guide you through the process.
You will need to bring a number of documents with you.
Finalising the estate
The time required to administer an estate can vary depending on the circumstances.
Straightforward estates are often wound up in less than 6 months. Others can take more than a year.
It depends on:
- the complexity of the Will
- the assets in the estate
- whether there are any legal claims made against the estate.
Some of the most common causes for delays are:
- beneficiaries who are unable to be located
- the name of a person in the Will is spelled incorrectly
- assets are left to a group of people and the executor does not know how many people are in the group (e.g "my nieces and nephews")
- key documents cannot be found
- beneficiaries do not agree to the terms of the Will
- beneficiaries can't decide on what should happen to certain assets
- there is difficulty in selling assets (e.g the deceased person's house).
Do I pay tax on my inheritance?
While there is no inheritance tax in Australia, you might need to pay tax on any income you earn from an inheritance.
This might include rental income from a property you have inherited.
See Taxation services for more details.