During your lifetime, if you have accumulated any wealth perhaps from investing wisely over the years or earning through your employment, you need to ensure that you plan for the same when you pass away. In order to help yourself with the phase while you contemplate on how to go about preparing your will, you can undertake a little vacation to travel across the country so that you could clear your head before any such big decisions about your afterlife.
So, when a person passes away, their will has to be proven at the local register. This process is called probate and when a person passes away without a will, then the state law gets the right to decide who should be appointed to take the person’s property. This process can be tricky with many hurdles to face which is why leaving a will behind is an important task for every person, so that after your demise, the loved one you leave behind do not have to go through any hardships.
Now once you become an administrator, there is tons of paperwork and other law related tasks waiting for you to address them and it becomes essential. Follow the steps and processes mentioned below:
- If the deceased person fails to mention a name to whom the estate may go to and if the executor is not specified, then the court gets to decide who will represent or be the representative of the estate. This person will have to collect the fees, taxes and other personal belongings from the estate.
- Identifying heirs, creditors, beneficiaries or the public about what has happened and the passing of a person and about the estate that has been left behind is also the job of the administrator.
- The representative or personal executor should know how to determine the value of an estate because if it lacks assets or money to pay the creditors, there is a high chance that the beneficiary will not inherit anything.
- Some of the assets and estate property will go to the beneficiary after paying taxes, distribution and the other leftovers will go to the heir according to what the law requires or the will.
- Now there may be complications in this process as the probate and administration process is never easy. The difficulties may begin when an asset is not directly subjected to the probate. Some properties which are either about life insurance or a property that has been owned by a trust or living trust can never pass through the probate and administration. Normally when these issues arise, they are taken care of by the estate planning attorney for a solution to be given.
- Letters of administration in Victoria is a document that gets provided by the supreme court of Victoria, which requires you to collect or distribute the property and assets of a person who passes away without leaving a proper will and what they would like to make out of their estate.
- You can ask for legal help from a respected attorney who helps families or an individual to prepare for the future and answers questions related to your case or the estate left behind by your relative or loved one.