Losing a loved one is tough on its own. Add managing and distributing their assets, and things can easily become overwhelming. You will need to sort out their finances and deal with beneficiaries, which can often result in disagreements and legal disputes.

To help you know where to start, here are some key steps when managing a deceased person’s assets in Australia.

Check for a Will

The first thing, and the most important one, is checking whether the deceased left a will. Basically, this is a document that outlines how the deceased wanted their assets to be distributed – what goes to who. The will also names the executor. If one exists, this will simplify everything for you.

If you are not sure where to start checking for the will, ask family members (it may be stored in a safe) or their lawyer. In case one exists but you can’t find the original document, you can engage a probate lawyer in Brisbane to help you get a copy from the courts. 

If the deceased didn’t leave a will, the estate will be handled according to intestacy laws – they determine inheritance based on the hierarchy of close relatives.

Apply for Probate or Letters of Administration

Wills can often have issues. For example, it may not be the last one, or it may not be valid at all. Once you get hold of it, you’ll need to apply for a probate. Basically, this is a court process that will determine the validity of the will and confirm the executor. It will give you the legal authority to proceed with the distribution. If the will doesn’t exist, the alternative is Letters of Administration.

To apply for these, you’ll need the original will (if available) and a death certificate. You can then apply for a court review. This can be a complex process, especially considering that you are also dealing with the death of a loved one, so it’s advisable you engage a solicitor.

You can easily get trusted probate lawyer services in Brisbane who will prepare the probate application on your behalf. They’ll deal with the court proceedings and give you updates through all the stages. 

Identify and Value the Assets

With the probate or Letters of Administration in hand, you can proceed with the assets. First, you’ll need to create an inventory that identifies everything that the deceased person owned. This can be real estate, bank accounts, investments, personal belongings like jewellery, vehicles, etc. Family members can help you identify them, and you can then create a comprehensive list.

After that, you can begin the valuation process. This one can be complicated or cause disputes, so it’s advisable you engage professionals. Look for real estate agents, financial advisors, or appraisers who can do the valuation and give you official valuation documents.

Pay Off Debts and Taxes

Before you distribute the assets, you need to settle any outstanding debts and tax obligations. What you distribute should not have any liabilities. Otherwise, it may cause complications in the future. 

Start by identifying all outstanding debts. These may be credit card balances, mortgage payments, utility bills, or funeral expenses. Reach out to the various creditors, know the amounts owed, and settle them.

It’s also your responsibility to file the final taxes with the Australian Taxation Office (ATO). There’s no estate tax in Australia, but there may be capital gains tax liabilities or other taxes related to the estate. Engage a financial expert to ensure everything goes on smoothly.

Distribute the Assets

Now that debts and taxes have been cleared, you can move to the final and most anticipated step: distributing the assets. For this, you’ll need to follow the will or intestacy laws if there is no will. 

You can initiate ownership transfer of property or vehicles and distribute personal items like jewellery and artwork. However, note that disputes may still arise even when you are following the will. If they do, you can try to resolve them amicably, consider mediation, or seek legal advice from your probate lawyer in Brisbane. Try to communicate properly to help minimise the issues.

After the distribution, you can then formally close the estate by filing a final report with the court. If you don’t need to notify the court, complete the necessary paperwork and notify all relevant parties.