In the process of estate administration, it is important to identify estate assets and liabilities. This is so that the executor/administrator and beneficiaries are aware of the assets held and the liabilities to be dealt with in the deceased’s estate. Further, this protects the executor/administrator from any issues arising and enables distribution to occur.
As this sometimes may be a complex job for an executor, the solicitor that you engage can assist you with locating such assets and liabilities.
At de Groots wills and estate lawyers, we understand that during the difficult time of losing a loved one, you may not be in a position to conduct these searches.
Initial Interview
At de Groots, during our initial consultation, we ask our executor/administrator clients to provide us with the relevant information regarding the deceased, to enable us to advise and assist in the estate administration.
For instance, our client may provide us with documents relating to the deceased’s affairs such as bank statements and relevant documents. We also request a list of the deceased estate assets and liabilities.
Assets
As the executor/administrator, it will be your role to identify all the estate assets and liabilities. This becomes your legal and fiduciary duty.
Assets which you can look for include (but are not limited to) the following:
- Cash in hand or at a house or business;
- Money held in banking constitutions;
- Bonds held;
- Investments;
- Shares;
- Household contents;
- Motor vehicles; and
- Real Estate.
Some of these assets can be located by communicating with the various asset holder. For instance, writing directly to the banking institutions to ascertain details.
A free government initiative has been established to enable individuals and/or companies to contact organisations which may hold relevant assets for the deceased. This is named “Australian Death Notification Service”.
In order to use this online service, you will need to provide the following information:
- Full name of the deceased;
- Date of death;
- The state or territory in which the deceased passed; and
- The last known residential address.
Once this information is known, you are able to send requests to a number of organisations to confirm the death of the deceased, and also ask whether they hold any information or assets for the deceased.
Another way to locate assets is through conducting a name search through Infotrack, which enables you to find property or properties owned by individuals and/or companies across Australia.
What occurs when you have not identified assets?
If you have not correctly identified the estate assets and liabilities of the deceased, this may have legal implications such as not correctly distributing the estate. Additionally, it may make it difficult to determine whether it is necessary to apply to the Supreme Court for a grant.
How can de Groots assist?
de Groots wills and estate lawyers, which was established in 1986, specialises in wills and estate planning along with estate administration and estate litigation.
Our wills and estates team are committed to providing personal, confidential, and professional advice tailored to your situation. The estate administration team assists our clients in simple and complex estate matters, with estates ranging in size.
We understand that every estate administration matter is unique, and our specialised team assists our clients with a range of estate administration needs.
If you have recently lost a loved one, and are appointed as an executor, or if your loved one has passed without a will, we encourage you to contact our office to discuss your matter. We can assist you and provide guidance during what can be a challenging time.
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