Step 1: Meet with key beneficiaries
We contact the key beneficiary to get an overview of the assets, liabilities and beneficiaries of the estate. From this we can determine if a formal administration is needed, as it is not always needed.
We provide a key beneficiary with the Customer Profile Form and Document Checklist to gather as much information as possible about the estate.
From this information we can:
- explain what’s involved in the estate administration process
- advise beneficiaries of their entitlements
- discuss any issues that may affect the estate.
Step 2: Obtain legal authority
If required, we will apply to the Supreme Court for authority to administer the estate.
We can apply for any of the 3 grants of administration:
- grant of probate
- letters of administration (with a Will)
- letters of administration (without a Will).
Step 3: Confirm assets and liabilities
We work with beneficiaries and organisations to obtain key documents and information. From these we can confirm the nature and value of the estate assets and liabilities.
This may include:
- cash
- personal effects such as furniture and jewellery
- vehicles and real estate property
- shareholdings and investments
- business interests
- debts due.
Step 4: Manage assets and liabilities
We then take steps to manage the estate assets and liabilities to ensure the wishes expressed in the Will are carried out and where possible we also seek the view of the benefactives.
At this stage we will:
- close bank accounts
- sell assets such as real estate
- pay liabilities including telephone, electricity accounts and rates
- collect income
- complete tax returns.
If the assets are to be held in trust, we may be responsible for their management for some time. Any funds secured for the estate will be held in our Common Fund until they are ready for distribution to beneficiaries.
Step 5: Distribute estate to beneficiaries
Providing there are no disputes to be resolved, we distribute the estate assets as follows:
- pay any cash legacies under the Will
- arrange special gifts of personal or real property to be passed to the named beneficiaries
- transfer assets to beneficiaries
- distribute cash to beneficiaries.
Step 6: Finalise the estate
When we have finalised the estate, we write to all beneficiaries to provide a final statement of transactions.
The statement includes:
- details of all the assets
- how the assets were distributed
- what debts were paid
- all costs and expenses.