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Life is full of transitions, and planning what follows after you are gone can be one of the most significant things you can do for your family. While most Australians understand the importance of creating a will, the process can be complex. Calculating your assets to create estate distribution letters to beneficiaries can feel overwhelming. To assist you in such circumstances, it is essential to consult a lawyer.
This blog will discuss the estate distribution process and everything you need to know about it. So join us as we unravel more.
What is the distribution of estate?
It refers to transforming assets to the beneficiaries mentioned in the will. It can happen in several ways, like transferring cash online or physically or transferring ownership of property like motor vehicles, land, etc. While transferring these assets, different tax implications may be necessary; therefore, seeking advice from the best deceased estate lawyers Perth is essential.
The primary step is to look if the deceased person has left a will. The deceased estate lawyers Perth, look for the details of the deceased and the probable beneficiaries. The lawyers also list down all the known assets and liabilities.
The lawyers conduct checks by contacting banks, government agencies, and financial institutions to identify the deceased’s property. After the process is successfully conducted, the arrange for valuations are appraisals so that the beneficiaries can decide what they want to do with the properties.
The deceased estate lawyer then prepares documents that need to be obtained to administer the state.
The lawyers ensure that the will is followed and manage the relevant paperwork that needs to be done. They can assist family members in finalising pension bank accounts or other outstanding matters to the deceased. Moreover, the lawyers will collect and transfer the property based on the terms of the will after obtaining permission from the beneficiaries. If the property is to be held in a trust, the lawyer will manage the properties until the trust ends.
After the owner’s demise, the lawyer helps pay the unresolved debts and taxes they have incurred in their lifetime. According to the Australian Taxation Office, any legal personal representative can pay such liabilities if their client dies.
The law in Australia states that an estate administration lawyer must wait at least six months from the day of death of their client before splitting the estate among the beneficiaries. Generally, the percentages are stated on the will. However, they can appeal to the court to release the funds in special circumstances like financial hardships.
Once the asset distribution and transfer have been completed, the lawyers will prepare a final settlement list with the property details. It will include how the assets were distributed and if all the debts and taxes have been cleared.
If the owner fails to nominate a beneficiary, in that case, the owner is deemed to have died ‘partially intestate.’ According to the law, the court will decide the remaining assets following the intestacy law. To avoid such situations, it is advisable to contact an estate administration lawyer Perth who will include a backup beneficiary in case the first beneficiary passes away before the owner.
In case of a dispute due to the splitting of the assets, the lawyers will decide if they have to claim another individual. In certain situations, these disputes involve legal action. Due to these disputes, the administration and division of the property may be impacted and delayed. In such situations, the lawyers must ensure the beneficiary’s interests are protected and executed fairly under the law.
Here, we have discussed the process of estate distribution to beneficiaries. If you have recently lost a relative who has declared you as a beneficiary in their will, now is the time to contact Deceased Estate Lawyers. They can help you get your share of assets or can help you obtain a grant of representation. So, contact them today and let them handle all your probate-relevant problems.