Knowing what happens to someone's estate when they die can often feel overwhelming. While some areas of the law are clear, others can leave you feeling confused when you're trying to manage the emotions that come with losing a loved one. As such, it's wise to contact a deceased estate lawyer to gain some clarity. Before you do, here are some facts to consider.
You Can Stop Tax Correspondence
When someone has died, you can contact the Australian tax office to pause tax correspondence. Doing so can give you some breathing room while you deal with other areas of legal correspondence. You won't need to worry about inheritance tax, but if your loved one didn't make their intentions clear, then you may have some legal challenges ahead.
Try to Find the Deceased's Will
If the person who passed away left a will behind, determining who inherited what can become much easier. However, that doesn't mean that their will isn't open to legal challenges. If they developed new relationships or old relationships broke down, the will may be challenged. However, if everything runs smoothly, the distribution of a deceased person's estate can last between six and 12 months.
Form Asset Inventories
Having an inventory of someone's assets and debts is essential for determining the estate's net worth. It's important to do this before you accept the estate, as you may find that the debts outweigh the assets. This process can become complicated, so you should ask a deceased estate lawyer for help. If the debts do outweigh the assets, you don't need to accept the inheritance.
Know What to do With the Estate
Inheriting someone's estate can feel emotional for a few reasons. You may not feel comfortable with using the money immediately, so it's worth seeking advice on how you can keep it safe. Popular options include using savings accounts, investing in shares, or adding money to pensions. Regardless of the amount of money you're left with, it's always wise to seek advice before making any big decisions. That way, you can keep it safe and potentially maximise its value.
When a person's estate includes more than just cash, always ensure that you seek advice before selling items. Your loved one may have issued specific wishes for certain collections and assets and it's important to ensure your actions are in line with their will. With your lawyer's guidance and a meticulous approach, you can make decisions that are fair for everyone who's involved.
Share27 September 2022
I work as a counsellor for couples going through a divorce. Obviously this is an emotional time and it is often a miracle that I manage to coax the former partners into the same room. There are two themes which occur regularly in my work. The first is that my clients often confess to throwing plates at each other. The second is the amount of money the divorce is costing because they cannot come to an agreement. Over the years, I have learnt that satisfied divorcees spend more time getting legal advice and making sound financial decisions than throwing crockery. In the course of my work, I have gained a considerable understanding of legal issues related to divorce. I share this blog in the hope that this knowledge will help you make sound decisions that lead to future happiness. I wish you all the best.