Dealing with the death of a loved one can be hard enough on you emotionally, without having to get into the possessions of the deceased. With this being said however, it is imperative that soon after the death of the person, their estate is managed and their will is executed. In terms of seeking out a deceased estate lawyer, Melbourne offers many options which can help you through this arduous and emotionally challenging process.
The nuts and bolts of this is that any deceased person who has a will, must have someone who, in the event of their death, is legally bound to see out their wishes and take care of their possessions as they have indicated. This is exactly what a deceased estate is, and how it is usually handled.
What Exactly Is a Deceased Estate
The estate of the deceased is everything that they owned including possessions, assets, property and any financial holdings which they may have had. Additionally however, debts, tax obligations and any other payments must also be taken care of as part of that estate. Simply put a deceased estate is the entire ownership or debt which the deceased person had at the time of their death.
Who Carries Out The Process
In many instances the person who is deceased will have elected what is called an executor. This is the person who they have entrusted to carry out their wishes following their death.
Is a Solicitor Required?
Most people find it much easier to speak with a legal professional when they are carrying out the will and testament of the deceased. The simple reason for doing this is that it makes the entire process so much easier, and ensures that everything is done in accordance with the law. With all of this being said however, there is in fact no legal obligation for the executor to consult legal advice when they are taking care of the deceased estate. Given the emotional anguish of dealing with something like this however, many prefer to use a specialized lawyer.
Closure of the Estate
Upon closure of the estate the executor must have ensured that all persons mentioned in the will are notified of the death and the assets which are being passed onto them. Additionally all outstanding debts which exist have to be paid off, and all assets must have been sold or transferred in name. If there are any tax duties such as inheritance tax to paid, this must also be closed. Bear in mind that not all countries or states require such taxes to be paid, and many have a threshold which means that payment will only need to be made if the value of the estate passes that threshold.
Dealing with a deceased estate is tough, and the ease of it can vary greatly. Many elderly people will have already taken steps to ensure that their estate is in simple order, so as to be dealt with swiftly. Most complicated estates however come in the event of a surprise death, or if the deceased had a wide range of assets and interests.
