Administering an Estate refers the process by which an Executor will call in assets of the estate, deal with its’ liabilities and make distributions to beneficiaries of the Will.
The Executor’s duties include:
- Arrange for the assets of the Estate to come into the control of the Executor
- Pay outstanding debts of the deceased
- Identify insurance policies held by the deceased
- Identify any interests of the deceased in any businesses
- Finalise the taxation and legal affairs of the deceased
- Ensure all assets of the Estate are adequately insured
- Manage funeral arrangements of the deceased
- Distribute the residue of the Estate to beneficiaries of the Will
- If the deceased had dependents arrangements are to be made for their care and welfare
The process of administering the Estate will take some time, depending on the complexity of the affairs of the deceased. To find out more please contact our office to talk with one of our expert estate solicitors.
