When dealing with the administration of deceased estates, it is the personal representatives who have been assigned the responsibility for administration. The following list provides a basic overview of the duties assigned with being a personal representative: The collection and gathering of the real and personal estate so that the estate can be administered as [...]
Deceased Estate Auctions
In many instances, the family of someone who has died will decide to auction the estate. In some instances, the person who has died may also have made provisions for the estate to be auctioned with the money received during the auction being distributed amongst the beneficiaries. Why Auctions? There are a number of reasons [...]
Deceased Estate Distribution
The distribution of the property within a deceased estate is overseen by both legislative and common law authorities. The objectives of the laws relating to wills and estates are to ensure that a person’s property is distributed amongst beneficiaries as per their intentions before they died. In this case the distribution of the property in [...]
Deceased Estates
When someone dies, all of their property, including real and financial, becomes part of their estate. Generally, when a person dies, the property that is brought into the estate will be fairly easy to identify, however, some property which can be found within a deceased estate is easy to identify, however other property owned by [...]
The Deceased Estate with No Will
When a person dies without leaving a will or has a will that fails to deal with all of the property to be effectively disposed, it is considered that they have died intestate. For centuries there have been rules that deal with the property left by a person who dies intestate, these rules are based [...]
Deceased Estates in Australia
In Australia, the law of succession deals with the distribution of property from a deceased estate. One of the concepts of Australian property law is that property must have an owner; this is the basis for much of the Australian succession legislation, whereby property must transfer from a deceased person to another person. In each [...]
The Discretionary Trust
Discretionary trusts can come in a number of forms. The most recognised trusts in Australia are family trusts and testamentary discretionary trusts. The trustees of both the family trust and testamentary trust are provided with similar powers which provide them with the necessary discretion to distribute property between those nominated within the will. Advantages to [...]
What Probate Law Is
Within Australia, probate law relates to the legal process of distributing the assets registered within a deceased estate. Probate law touches upon many areas of succession including how a deceased estate is to be administrated, whether wills are valid or have previously been revoked, and in highly contentious situations such as the deceased estate of [...]
Should You Use a Probate Kit?
Regardless of who you are there is nothing surer than one day, you are going to die. But just because of this fact there is no need to not be there for your family and loved ones after this occurs. By having a valid and legal will people are able to make provisions for their [...]
The Approach of the ATO to a Deceased Estate
As has been quite famously stated, there is nothing surer than death and taxes, and this statement in itself is quite poignant to consider when being faced with a deceased estate. Like most events throughout a persons life, most will in some form or another have taxation implications. In the case of deceased estates, one [...]