Losing a loved one is never easy, and the last thing anyone wants to think about during such a difficult time is legal and financial matters. However, when someone passes away, their estate needs to be managed and distributed to their beneficiaries. This process is known as a deceased estate.
If you’re located in Perth and have recently lost a loved one, you may need to deal with a deceased estate. In this article, we’ll provide an overview of the process, what you need to do, and how a settlement agent can help you through this difficult time.
What is a deceased estate?
A deceased estate refers to the assets and liabilities left behind by a person after they pass away. This can include property, cash, investments, and personal belongings. The estate is managed by an executor or administrator, who is responsible for distributing the assets according to the deceased person’s will or, if there is no will, according to the rules of intestacy.
The process in a nutshell
The process of managing a deceased estate can be complex, and it’s important to seek professional advice to ensure that everything is done correctly. Here is a general overview of the steps involved:
- LOCATE THE WILL: The first step in managing a deceased estate is to locate the deceased person’s will. This document outlines how the assets should be distributed and who should be responsible for managing the estate. If there is no will, the estate will be distributed according to the rules of intestacy.
- OBTAIN PROBATE: Probate is the process of proving that the will is valid, and it’s required before any assets can be distributed. The executor or administrator will need to apply to the Supreme Court of Western Australia for a grant of probate.
- COLLECT ASSETS AND PAY DEBTS: Once probate has been granted, the executor or administrator can begin collecting the assets of the estate and paying any outstanding debts or taxes.
- DISTRIBUTE THE ESTATE: After all the debts have been paid, the executor or administrator can distribute the assets of the estate according to the deceased person’s will or the rules of intestacy.
How can a settlement agent Perth help?
Dealing with a deceased estate can be overwhelming, especially during a time of grief. A settlement agent can help you navigate the conveyancing aspects of the process, providing guidance and support every step of the way. A settlement agent can assist with:
- Verify the status of the title – A settlement agent can check the title to verify who is currently listed as the owner and whether any restrictions or encumbrances exist.
- Transfer ownership of the property – Once probate or letters of administration have been obtained, the settlement agent can prepare the necessary documentation to transfer ownership of the property to the beneficiaries or heirs.
- Determine the executor or administrator of the estate – If there is a will, the executor named in the will is responsible for managing the estate. If there is no will, an administrator will be appointed by the Supreme Court of Western Australia. A settlement agent can help determine who is responsible for managing the estate and assist in obtaining the necessary documents.
- Obtain probate or letters of administration – To transfer ownership of the property, probate or letters of administration are required. A settlement agent can help the executor or administrator apply for these documents.
- Providing advice within the realm of deceased estate property settlements
Choosing a settlement agent who has experience in managing deceased estates is crucial, as they can ensure that everything is handled correctly and that the process runs smoothly.
Get in touch with CR Settlements
Managing a deceased estate is a complex and emotional process, and it’s important to seek professional advice to ensure that everything is done correctly. If you’re located in Perth and have recently lost a loved one, a settlement agent can provide you with the guidance and support you need during this difficult time. Contact us today, we are here to help you through this trying time.